Facebook and Instagram join the NFT mania
- With the spike in popularity of NFTs, Meta has offered users of Facebook and Instagram to sell NFTs on the platforms.
- A recent report revealed that both social media platforms are keen on offering users a way to create and sell NFTs.
- Proponents believe that Meta is keen on launching its own marketplace to attract NFT creators and buyers in the future.
NFTs exploded in popularity in 2021, driving Meta to offer users the feature to create, display and sell digital collectibles and art on its social media platforms. Meta is developing the feature to enable the multi-billion userbase to delve into NFTs.
Meta forays into NFTs on Facebook and Instagram
The popularity of NFTs skyrocketed in 2021. Meta, previously known as Facebook, is gearing up to offer users the feature of creating, displaying and selling NFTs on its social media platforms.
Several billion users on Facebook and Instagram would have access to NFTs. Developers are currently working on the addition of the feature to both social media platforms.
With the ability to display NFTs on their Facebook or Instagram profiles, users can sell digital collectibles and art. According to proponents, Meta plans to launch its own marketplace. However, this could change as the plan is in its early stages.
Minting digital collectibles and selling them adds a source of income generation for Facebook and Instagram users.
In the recent past, several companies in the cryptocurrency or gaming industry have launched their NFT marketplaces. This makes it the obvious next step for Meta.
Meta CEO Mark Zuckerberg had revealed that NFTs would eventually be a part of the social media giant’s foray into the metaverse. There is no confirmation or comment from Meta. The plan to add NFT functionality on Facebook and Instagram is in its infancy.
Disclaimer: FXStreet has reached out to Meta to get an official statement about the recent developments, but it has yet to hear back.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
