According to reports, Facebook and Instagram intend to incorporate a non-fungible token (NFT) marketplace into their respective social media platforms. The owner of the two tech behemoths, Meta, wants to join a slew of other companies riding the wave of NFT adoption, according to The Financial Times.
According to the Financial Times, teams at Facebook and Instagram are working on features that will allow users to mint their own NFTs and display them as profile photos.
Two FT sources also stated that Meta is working on a full NFT marketplace, though details on the project are scarce at the time of writing.
Meta’s embrace of the sector comes shortly after Twitter, another social media giant, began allowing iOS users to display NFTs in their profile photos.
In August, Facebook Financial Head David Marcus stated that the company was “definitely thinking” about entering the NFT market.
“Thinking about the metaverse as a fully digital environment is actually super helpful when you design products that need to be future-proof. When I look at what’s going to be needed in the metaverse, it’s really seamless movement of the value, and for that, we need new infrastructure, interoperability, because you’ll want to have multiple wallets able to participate in a metaverse.
And I think having programmable money and having smart contracts on top of a purposefully built blockchain is going to be transformational for the metaverse. Because if you’re a creator, if you’re creating an NFT, you may want to rent your NFT or sell your NFT, you’ll have to store your NFT. And you can think of all kinds of new business models around this that are not possible with the current payments infrastructure and without smart contracts.”
According to FT, Meta has not made any public comments on the new push for NFT adoption.