Meta Reportedly Working On NFT Integrations For Facebook And Instagram

Meta Platforms, Inc. (NASDAQ:FB) is working on NFT integrations to its social media platforms, Instagram and Facebook.

According to the Financial Times, Meta asked teams from its Facebook division and Instagram division to develop functionality integrations that will allow the minting and sale non-fungible tokens. According to the Financial Times, Meta has asked teams from its Facebook and Instagram divisions to create functionality integrations that enable the minting and sale of non-fungible tokens (NFTs). Initial reports have suggested that Instagram is currently testing out NFT showcasing functions. Kristin George (the platform’s director for product and creators) and David Marcus (who previously headed Facebook’s crypto and payments divisions), led the program. Marcus left Facebook in the meantime and was replaced by Stephane Kazriel, former CEO at Upwork, a freelance platform.

Meta has yet to release an official statement about the development. However, sources close to the matter claim that Meta is exploring the possibility of creating a marketplace where users can trade, buy, and sell NFTs. These features are not surprising, as Meta has rebranded itself as a metaverse company and announced it to the world on October 28, 2021. Mark Zuckerberg, Meta CEO, stated that NFTs offer a potential market that could be used to support digital goods once Meta creates its own metaverse. Meta disclosed that it will invest $10 billion per year to create this metaverse in the next ten years. Meta has revealed that it will invest $10 billion annually to build this metaverse over the next ten years. Meta’s attempts to enter the metaverse space are primarily being made possible by its presence on social media. This has been enhanced with virtual reality and augmented realities features.

Initial reports indicate that these efforts to integrate NFTs are still in the early stages of development. Details will change as more information is released.

Note: This story continues to develop. CryptoDaily will keep this article updated with any relevant information as it becomes available.

Disclaimer: This article is intended for informational purposes only. This article is not intended to be used for legal, tax, investment or financial advice.

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