NFT trading is coming to Facebook and Instagram, according to a report from The Financial Times.
Meta, formerly Facebook, is reportedly working on plans to let its users mint their own non-fungible tokens, display real NFTs in their profile photos, and sell NFTs to other users, according to those familiar with the matter who spoke with the Times.
The Times’ sources also said that Meta is discussing launching a complete marketplace for users to buy and sell NFTs, with a “prototype” in the works. The effort is still in its early phases and subject to change.
The move puts an exclamation point on Meta’s continuous efforts to cash in on the rise of the new digital economy.
Meta originally came out with Diem, its own USD-backed stablecoin, but stalled on its effort to roll it out after facing backlash from both the public and lawmakers. It launched a pilot version of Novi, its new crypto wallet late last year as well, and while it utilizes Pax dollar (USDP), the company said it still aimed to use Diem once regulatory issues were sorted out.
Meta has also been filing various patents that appear to indicate an attempt to get a foothold on technologies that help it dominate the metaverse. First reported by The Financial Times, the firm has patents that indicate it wants to use biometric data to create a realistic digital avatars using virtual reality or augmented reality. Another patent filed in December for a “mechanical eyeball 100,” which is said to be a “robotic eye designed to resemble a [human] eye.”
Meta, which is the biggest social media company in the world with control over Facebook, WhatsApp and Instagram, joins fellow tech giant Microsoft in its foray into NFTs and the metaverse.
Microsoft acquired gaming giant Activision in a $69 billion deal. Microsoft CEO Satya Nadella said gaming would be one of the key elements that would “play a key role in the development of metaverse platforms.”
“This acquisition will accelerate the growth in Microsoft’s gaming business across mobile, PC, console and cloud and will provide building blocks for the metaverse.”