A new report claims that Facebook and Instagram might allow users to create, buy, and sell non-fungible token (NFTs).
According to the Financial Times, Meta's social media companies are exploring the idea at the moment, however it's still at an early stage and might change. Users will be able to buy and sell new NFTs on a specialized marketplace, as well as have their NFTs displayed on their profile pictures.
The report has no information on how far along these plans are or when they might launch.
Right now, NFTs are a huge internet craze. They're a type of coin where each unit is unique from the other, so if you want a more detailed explanation of what they are, go here. While the art they're typically associated with is easily copied, the ownership of the original NFT is almost impossible to dispute.
A lot of money is changing hands in the space at the moment, with some NFTs valued in the millions of dollars.
It makes sense for Meta to take advantage of the interest in NFTs by integrating them into its properties. The metaverse is mostly defined in terms of virtual and augmented reality by Facebook. The head of Facebook's metaverse said in December that the company will support NFTs, and the head of the photo sharing website said in December that the company is exploring NFTs.
The news comes just days after a report that Walmart is preparing to launch its own NFT collection, and other major brands such as Nike and Coca-Cola have already dipped their toes in the space as well.
We contacted Facebook for comment on the Financial Times report but have not heard back yet.
All Rights Reserved © 2024
