Will Meta soon allow you to trade, display, and mint NFTs on Instagram and Facebook? According to a new Financial Times report, the social media giant is making plans to do just that.
Meta’s Plans for NFT features at “early stages”
The reported plans from Meta would allow users to mint and trade NFTs both on Facebook and Instagram. In addition, users would be able to use NFTs as their profile pictures. Most likely in a way that verifies NFT ownership at the same time.
The potential impact of this news on NFTs is immense. To illustrate, Meta’s two major social media platforms combine for over four billion total active users. Even accounting for active users of both platforms, these are astronomical numbers in comparison to the number of active NFT owners at the present time.
The Financial Times notes in the report that the NFT plans are still in the early stages, with no confirmation or timeline of when such features might launch. However, there’s a very good chance that Meta will add these NFT features some time soon. Especially given last year’s announcement that it would be shifting gears to focus on the metaverse.
The NFT space has been watching carefully ever since Facebook’s rebrand
For one thing, Meta CEO Mark Zuckerberg noted the importance of digital goods (e.g. NFTs) in the pivotal address announcing his company’s rebranding from Facebook at the end of 2021. In fact, the NFT community had very strong reactions – positive and negative – to the Meta rebranding news last October.
On the one hand, some celebrated the fact that the metaverse was being prioritized by one of the world’s most powerful companies. To that end, there was a marked increase in sales and values of virtual land NFTs for weeks following the announcement.
On the other hand, many people were not at all happy about the news. Rather, they took it as a sign that Meta would seek to take over and control the emerging metaverse.
To be sure, many NFT owners and creators alike are completely against the idea of Meta carrying its Web2 influence into Web3. Nevertheless, Meta’s march into the space is inevitable at this point.
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