Meta May Soon Let Users Create And Sell NFTs On Facebook & Instagram

When Facebook’s parent company changed its name to Meta last year, it wasn’t being subtle about going all in on the emerging metaverse, where NFTs are all the rage.

Now, sources have told The Financial Times that the company is developing technologies to allow users to create, display, and sell non-fungible tokens (NFTs) on Facebook and Instagram. 

In addition to rumors that Instagram is testing a way for users to display digital assets, an insider posited that Meta’s cryptocurrency Novi wallet, which is still being tested, could power the “supporting functionality.”

At the moment, as per Engadget, the company has declined to comment on any reports. Though, it noted that Instagram chief Adam Mosseri did reveal in December that the platform was “actively exploring” NFTs.

According to FXStreet, a new marketplace could be set up for users to trade digital assets, though the plan is still said to be in its early stages, and thus subject to change.

This would give Meta an advantage over third-party platforms, such as OpenSea, which has become a popular choice for artists to sell their digital goods. 

The ability to directly mint and sell NFTs could also add a new source of income generation to attract users to both Facebook and Instagram. 

Will we see Meta’s own NFT marketplace anytime soon? No one knows for sure, but with the way brands are cashing in on virtual assets, it won’t be surprising if it becomes a reality.

[via Engadget and FXStreet, cover image via David Herraez | Dreamstime.com]