Facebook and Instagram to Join NFT World

• Meta is set to launch a feature that will allow users to create and sell NFTs on both Facebook and Instagram

• The tech giant is reportedly discussing the launch of a marketplace where digital collectibles can be sold

• According to the Financial Times, Meta’s digital currency wallet Novi will be an important component in its NFT push

Facebook parent company Meta is set to be the next company to join the NFT craze. The Financial Times has reported that the tech giant is exploring ways to create, display, and sell NFTs on both Facebook and Instagram.

The company will reportedly also integrate its Novi wallet technology to power the majority of the functionality, according to Tipster.
While Instagram is said to be testing a way to display NFTs, Meta will work towards the launch of its marketplace where the digital collectibles can be sold.

According to Tech Crunch, the company has failed to comment on its new venture while the sources also warn that the project is in its early stages.
This comes after Instagram CEO Adam Mosseri revealed that the company was looking at ways to bring NFTs to its audience on the app.

Read also: Opera Launches World’s First Crypto Browser

The NFT space gained more traction in 2021, as sales of digital collectibles exceeded $25 billion and more corporate giants are beginning to take notice.

Asides from Meta, other companies such as Coinbase, Walmart, and Mastercard have revealed plans to integrate NFTs in one way or another.

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