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Facebook and Instagram are reportedly exploring an NFT marketplace

By Sanuj Bhatia January 21, 2022, 2:45 am
Facebook Meta Instagram NFT marketplace Source: Meta

NFTs have been the trend of 2021, and continue to be so in 2022 as well. Well, if you don't like them, it doesn't seem that you will be able to get rid of them anytime soon. A report from The Financial Times claims that Meta might be the next big tech company to hop on the NFT bandwagon.

As per the report, Facebook and Instagram are exploring ways to create, showcase, and sell NFTs on these social media platforms. Meta is basically exploring ways to bring an NFT marketplace to Facebook and Instagram. The marketplace would rely on its own Novi wallet technology for the marketplace.

Teams at Facebook and Instagram are readying a feature that will allow users to display their NFTs on their social media profiles, as well as working on a prototype to help users create — or mint — the collectible tokens, according to several people familiar with the matter.

Two of the people said that Meta has also discussed launching a marketplace for users to buy and sell NFTs.

The plans for an NFT exchange are still in early-stage and could still change. There's no word on when the company could launch its marketplace, but Instagram leader Adam Mosseri has previously said that the social network was "actively exploring" NFTs. It's safe to say that the technology is at least on the minds of Mark Zuckerberg and the top-level executives at Meta.

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As eye-raising as the technology is, in case Instagram and Facebook set their step in the NFT digital assets market, the technology will surely become more substantial than it is currently. Twitter and Reddit are also said to be working on integrating the NFT and Blockchain technologies on their platforms.

Source: The Financial Times | Via: The Verge

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