Facebook and Instagram Plan to Allow Users to Create NFTs

by in Blockchain News

Meta NFTs Facebook Instagram

Meta, the parent company of Facebook, Instagram, and other entities, aims to provide users the possibility to create and trade NFTs.

Related: The Gap launches its first Tezos-powered NFT collection

An article, published by Financial Times, informs that Facebook, and Instagram are working to enable users to put their NFTs on view through their profiles.

Persons familiar with the subject told FT that the platforms also intend to let users mint digital collectibles. In addition, Meta considers releasing an NFT marketplace. All the plans are at an early phase and can be changed.

Meta is interested in the virtual space, digital assets, and blockchain. In October 2021, Facebook announced changing the company name to Meta.

Recently, Meta's internal message from a tech executive revealed the company's plans to create interoperability between the platform and blockchain networks.

Popularity of NFTs has been growing fast. Artists, sportspeople, politicians, celebrities as well as leading tech, retail and other companies have joined the craze.

Lately, the valuation of the largest NFT marketplace, OpenSea, went above $13 bln. According to data from DappRadar daily trading volume on the platform is around $165 M. Among popular NFT collections are Bored Ape Yacht Club, CryptoPunks, Mutant Ape Yacht Club, NBA Top Shot, and others.