FB Stock News: Meta Platforms Inc soars as Instagram adds NFTs to site

NASDAQ:FB had its best session in weeks, as the beaten-down tech giant continues to roll out new content on its platforms. Shares of FB jumped by 6.04% and closed the trading day at $203.63. On Wednesday, stocks rallied for the second straight session ahead of the Federal Reserve announcing its first interest rate hike since 2018. Big tech stocks surged as the NASDAQ index jumped by 3.77%, while the S&P 500 gained 2.24% during the session. The Dow Jones also continued to rebound as the blue-chip index added back a further 518 basis points, as crude oil futures fell for a third straight session.

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CEO Mark Zuckerberg made a big announcement at the SXSW festival in Austin, Texas. Zuck announced that the Instagram platform will be adding NFTs for users to both mint and sell in the near future. The move comes as Meta Platforms gears up for the Metaverse and the transition to Web3.0, where artists and content creators can earn payment via things like NFTs. This has the potential to further boost Instagram’s eCommerce segment and will continue to support independent entrepreneurs in making a living off of the platform.

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In other blockchain-related news, ex-Meta employees which created the crypto project, Aptos, received over $200 million in funding in the latest round, and are now valued at over $1 billion. The group left Meta after working on its Diem project, and are now working towards providing a scalable solution that will eliminate high gas fees like the ones that are seen on the Ethereum network.