As a Meta with Instagram and Facebook he will make a foray into the NFT market

As a Meta with Instagram and Facebook he will make a foray into the NFT market

by Chiara Rossi

Meta, Zuckerberg’s new parent company, would also be ready to invest in the Non-Fungible Token market. According to the FT, the Menlo Park group will start from Instagram and then extend the use of NFTs to Facebook and WhatsApp

Meta (parent company of Facebook) is preparing a foray into the NFT sector. Facebook and Instagram explore plans to allow users to create, display and sell Non-Fungible Tokens. This was revealed by a report from the Financial Times.
As The Verge explains, an NFT is a way to claim ownership of a digital item such as a JPG or GIF via a unique address on the blockchain. And despite claims that these assets embody decentralized forms of ownership, their legitimacy rests on the recognition of existing online platforms. The popularity of NFTs increased last year to become a global market worth $ 40 billion.
If the company were to launch such tools, it would be the largest mainstream NFT support show to date, the newspaper said.
According to the FT, the plans are “at an early stage and may still change”. Other social platforms are also exploring this area. Twitter is testing Nft’s presentation capabilities, while Reddit has launched its own collection of Nft avatars for users.
All the details.

META PLANS WITH INSTAGRAM AND FACEBOOK FOR NFT

The report from the British newspaper claims that the Facebook and Instagram teams are “preparing” a feature that will allow users to view NFT as profile pictures, as well as work on a prototype to allow users to mint new NFTs.
The group also reportedly discussed “launching a market where users can buy and sell NFT”.
LINKED TO THE NOVI WALLET
Facebook’s Novi digital currency wallet, launched as a pilot in October, is likely vital for NFT plans, Ft sources say. Facebook’s cryptocurrency wallet is ready, even though its currency (Diem) is not yet available.
“Many of the support features related to Novi will power the NFTs,” a person familiar with the plans told the FT.
WHAT THE HEAD OF INSTAM HAD DECLARED IN DECEMBER
As the FT points out, it is not the first demonstration of interest in NFT by the Menlo Park group.
Instagram chief Adam Mosseri said last December that the company is “actively exploring NFTs and how we can make them more accessible to a wider audience,” while Meta CEO Mark Zuckerberg spoke last October about how the metaverse will need to support “ownership of digital assets or NFT”.

THE CONSEQUENCES FOR THE METAVERSE

If Twitter or Instagram allow someone to copy and paste any Jpg, who can tell who really owns it, points out The Verge. But if companies start enforcing property rights as directed by NFTs, they could become legitimate digital assets (at least on those platforms).
Furthermore, companies sometimes abuse the connection between NFT and metaverse (NFT’s mere offering does not mean that you are creating a metaverse, Engadget points out), Meta may want a framework for them so that residents of its virtual worlds can sell digital goods. unique.

• January 21, 2022
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