Meta, the parent company of Facebook and Instagram, would be about to invest in the NFT market. A logical strategy for the group’s social networks and one more step towards the metaverse. According to the FinancialTimesMark Zuckerberg’s group reportedly intends to allow Facebook and Instagram users create, buy and sell NFTs.
Will it soon be possible to buy, sell and display NFTs on Facebook and Instagram?
Meta is therefore currently developing new features for its users. Using technologies from Novi, the group’s digital wallet, users may be able to soon buy and sell NFT on Facebook and Instagram. NFTs, these cryptographic tokens to which a digital property certificate is attached on a blockchain, are of growing interest to technology companies and governments. China plans to develop the NFT industry, but without using cryptocurrencies.
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These virtual objects are now an integral part of the economy, for the moment very speculative, of the metaverse. It is therefore no surprise that Meta, along with Facebook and Instagram, are eyeing this market. The American giant cannot dominate the metaverse without offering its own marketplace for NFTs. A few weeks ago, Adam Mosseri, the boss of Instagram was going exactly in this direction. He assured that his social network was just in the process “to actively explore” the NFT market. Instagram could serve as “virtual gallery” for NFTs.
Meta will not miss the potential of this market
Even if the company refuses for the moment to give the slightest detail, the subject is in the boxes at Meta, there is no longer any doubt. This project, which is probably not at a very advanced stage, aims to allow users of social networks to have a virtual platform to sell, exhibit or buy unique digital assets (NFTs).
Meta advances its pawns, in the event that NFTs turn out to be more than a fleeting trend, and there is reason to think so… This very promising market increased from 1 to 40 billion dollars in 2021. The development prospects are great and the American giant does not intend to be left behind. In January 2022, the first NFT trading platform, OpenSea, raised $300 million. By the way, OpenSea has just recruited the former VP Commerce of Meta, Shiva Rajaraman.