NFTs are about to hit Facebook and Instagram. Social media giant Meta Platforms (FB) - Get Meta Platforms Inc. Class A Report is considering the possibility of letting users create, sell and exhibit NFTs on Facebook and Instagram, the Financial Times reports.
An NFT, which is a digital asset usually bought with cryptocurrencies or in dollars, encompasses everything from images, videos to text. The ownership record is tracked on the blockchain, which serves as a public ledger allowing anyone to verify the NFT’s authenticity.
Meta's plans are “at an early stage and could yet change,” the paper reports, adding that teams at Facebook and Instagram are “readying” a feature that will let users display NFTs as their profile pictures, as well as working on a prototype to let users mint new NFTs.
Meta is also said to discuss “launching a marketplace for users to buy and sell NFTs.”
The company didn't respond immediately to a request to comment.
If Meta materializes these projects, it will be a true game-changer for NFTs, which exploded in 2021. NFT fever has gripped just about everyone, from celebrities to athletes to average people. NFTs will become more significant if tech giants choose to support them.
NFTs are nevertheless highly speculative digital assets. Their prices can soar suddenly and also melt at the same speed. They’re frequently stolen despite claims by some that they guarantee ownership.
Twitter, Reddit and Parler All into NFTs
Some of the most popular and expensive NFTs are CryptoPunk and Bored Ape.
In December, Instagram CEO Adam Mosseri revealed that the platform was interested in this fast-growing tech sector.
"Nothing to announce yet, but we are definitely actively exploring NFTs and how we can make them more accessible to a wider audience. I think it’s an interesting place that we can play … and also a way to hopefully help creators," Mosseri said on Twitter in mid-December.
Facebook and Instagram aren’t the only social media platform showing interest in NFT. Social media platforms Reddit and Parler have already expanded their business into nonfungible tokens. Twitter (TWTR) - Get Twitter, Inc. Report is working on a tab that shows off a user’s NFT collection.
For many experts there is little doubt that Meta will embrace NFTs, which could be one of the weapons allowing the company to play a leading role in the metaverse, which refers to an alternate digital reality, the latest rage in the technology world.