NFTs or “non-fungible tokens” have been around for several years, but it wasn’t until 2021 that the phenomenon really took off. If you have followed the tech news, it is impossible that you have not come across this word. In fact, according to the Collins English Dictionary, it was the word of the year.
Today, fundraising by companies that specialize in NFTs is increasing. And the market would already weigh 40 billion dollars.
Of course, Meta follows all this closely. And according to an article published this week by the Financial Times, the group was already developing NFT functionalities for social networks Facebook and Instagram.
More precisely, according to sources in the British media, Facebook and Instagram engineers were developing a feature allowing users to expose their NFTs on their profiles. The group would also develop a prototype that could allow users to create one.
And that’s not all, because Meta may even launch a marketplace where users can sell or buy NFTs. The Financial Times specifies however that for the moment, these projects are not yet at an advanced stage and therefore changes are possible.
Meta couldn’t miss it
In any case, by getting into NFTs, Meta could create a new source of revenue (for example, by taking commissions), while offering a new way for creators to monetize their influences. Moreover, it should be noted that the boss of Instagram, Adam Mosseri, had already explained that the platform is interested in NFTs.
“Nothing to announce at this time, but we are definitely exploring and debugging NFTs, and how we can make them more accessible to a wider audience”had declared this one during a FAQ in December.
According to him, this is an area where Instagram can do something. And the social network hopes to use NFTs to support creators. Note also that Mark Zuckerberg thinks that NFTs could be used in a market for virtual goods on future metaverses of Meta.
In fact, the fact that Meta is interested in NFTs is not a surprise, since the group also has projects related to cryptocurrencies and blockchain. Among these is the Diem digital currency, as well as the Novi crypto wallet, which has already launched in the United States.
Moreover, according to the Financial Times, the NFT functionalities of Facebook and Instagram should be linked to this portfolio. “Much of the kin support features in Novi will power NFTs”would indeed have explained one of the sources of the media.
Meta may even be late. Indeed, Twitter already allows you to “verify” NFTs used as profile photos. And Reddit has already launched a collection of NFT avatars.