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Instagram and Facebook Plan To Add Support For NFTs

As per the report of FT (Financial Times), Meta has an intention to provide support for NFTs (non-fungible tokens) over its social media platforms of Instagram and Facebook. The report states that Meta pursues getting benefit out of the NFT craze through incorporating an exclusive marketplace onto the well-known social media venues thereof. FT mentions that the management of both of the venues is operating on the facilities that will permit the consumers to develop their unique NFTs and utilize them as their profile images.

A couple of sources related to the project stated that Meta is moving towards the launch of an exclusive marketplace of NFTs. It has been reported that the announcement of Meta follows the provision of NFT profile images by Twitter (the social media rival of the platform) for its iOS consumers. In August of the recent year, the then chief of the F2 team at the venue of Facebook, signaled towards a marketplace of NFTs, when he appeared in a Bloomberg interview, suggesting that the platform was focusing on several promising methods to enter the space of digital collectibles.

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He added that considering a comprehensive digital environment is considerably assistive particularly in the matter of the products that require being future-proof. In his words, the space of metaverse would require an unparalleled transfer of value, and that demands unique interoperability and infrastructure because people want to possess more than one wallet to participate in the world of the metaverse.

He moved on to reveal that in his consideration the capability for smart contracts as well as programmable money on a blockchain would be termed as transformational in the case of the metaverse.

He also disclosed that a person who is the creator of NFTs (non-fungible tokens), may wish to rent the respective NFTs or trade them. For this purpose, there will be a requirement to store those NFTs. In this way, there is a vast majority of the unique business models dealing with the digital assets industry that cannot be carried out in line with the existing infrastructure of payments, and smart contracts play a significant role in this scenario as well.

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FT has pointed out that no public comments have been made by Meta regarding its marketplace of NFTs or the strategy thereof for Instagram as well as Facebook in the future.


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Mubashar Nawaz (United Arab Emirates)

Mubashar Nawaz is an experienced crypto writer working for Tokenhell. Having passion for writing, he covers news articles from blockchain to cryptocurrency.

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