The NFT market is just heating up, and Facebook's Mark Zuckerberg and Meta may be the next tech firm to get on board.
The Financial Times recently indicated that Meta has been developing methods to let Facebook and Instagram users exchange, generate, and sell NFTs through its Novi wallet. Meta is also attempting to figure out how to showcase NFTs in its own marketplace in order for customers to buy and sell them, according to industry sources.
While CoinDesk has not yet reported on the company's plans to explore NFT, it did publish a story about its cryptocurrency holdings. Back in December 2021, Instagram’s Adam Mosseri has said that the app is "exploring ways to enable people to more easily create, share and discover new augmented reality content", indicating that the app may also be looking into developing NFT features.
As Facebook and Instagram take steps towards integrating NFTs, it is still unconfirmed whether or not Meta will partake in the sale of these digital collectibles on its own platform. It is speculated that if Meta does pursue this venture, it might become the first company to do so.
Meta would not be the first non-gaming company to work on NFT features, with Amazon also looking into its own marketplace for collectibles based on intellectual property rights it already owns. As more companies start working with NFTs, it will likely become easier for entrepreneurs to create their own unique collectibles and make money through these digital assets.While it has not been confirmed whether or not Meta will develop its own NFT platform, Zuckerberg said in 2020 that he believes the technology can have a huge impact on social interactions, improving how people connect to each other and making them feel closer even when they are apart.