Meta, the parent company of Facebook, is preparing to become the next name to get on the NFT train. Meta is said to be working on ways to create, display and sell NFTs on Facebook and specifically Instagram, Financial Times sources claim. An unnamed source said the company’s Novi wallet technology will power the majority of “supporting functions”. While Instagram is reportedly testing a way to showcase NFTs, Meta is also allegedly considering creating a marketplace to help you buy or sell these digital collectibles.
The company has declined to comment on the matter, and sources say work is still in the early stages; warns that things may change. However, Instagram lead Adam Mosseri said in December that his social network is “actively investigating” NFTs. So, at least we can say that the company is considering technology.
Joining the NFT world would make sense for the company. While companies sometimes misuse the connection between NFTs and the metaverse (just presenting an NFT doesn’t mean you’re creating a metaverse), Meta may want to create a framework for the inhabitants of their virtual worlds to sell unique digital goods. In addition, if the meta proves that NFTs are more than a short-lived trend, it may prevent third-party platforms such as the OpenSea market from having a very strong position.
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