Facebook meta reportedly considering NFT integration

Meta will support digital art creators by introducing monetization of their collectibles

Social media giant Meta plans to take advantage of the growing hype in the NFT industry, according to recent reports. NFTs burst onto the scene last year and soared past a figure of $40 billion in operations at the end of 2021.

A report of financial times Thursday detailed that “several persons familiar with the matter” have suggested that Facebook and Instagram are considering NFT integration with talk of an NFT marketplace also up in the air.

It’s worth noting that after Facebook’s transformation into Meta, CEO Mark Zuckerberg Indian that his company would explore the idea of ​​bringing NFTs into the Meta universe.

A ‘space’ for creators to exhibit their work

If the company completes this supposed project, the user community could flaunt NFT on their social media profiles. Meta will also provide an avenue for creators to easily display and market their digital art through the project.

The report further explained that the tech company intends to create a prototype for minting NFT tokens. Zuckerberg previously hinted that NFTs could be used to create digital products proposed for use in Meta’s proposed Metaverse. Similarly, Instagram CEO Adam Mosseri has previously hinted that the social media platform could be used to develop NFTs.

“There’s nothing to announce yet, but we’re actively exploring NFTs and how we can make them more accessible to a wider audience. I think it’s an interesting place to play and also a way to help creators.” public Mosseri in an Instagram story.

The NFT industry is not slowing down any time soon

The potential entry of a Meta-sized institution into the world of NFTs is an indication that the better-than-2021 year that viewers and analysts have predicted is sure to be on course. This is supported by market data showing how strong the year has started for the sector.

With many still looking to try, the NFT industry could well surpass its projected $800 billion market value by 2024. Meta’s entry into this space is likely to add credibility to the trade, although NFTs have been disparaged for their safety. of value. lately, even more so due to the claims of right-clickers.

The news comes after an attack on Meta over privacy issues with revelations that saw its popularity drop. The addition of NFT may, on the other hand, be an attempt by the company to regain public trust.

The Meta movement adds to the latest Twitter initiative: add support for NFT profile picture verification.

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