In what could be considered as a groundbreaking development for the non-fungible tokens (NFTs), Facebook and Instagram are gearing to help users create, display, and sell NFTs on their platforms, according to a report in the Financial Times. One of the insiders privy to this development revealed that the Novi wallet technology of the company will be utilized for accomplishing these functionalities related to NFTs. Meta is making preparations to come up with NFT Marketplace, while Instagram is more interested in providing its platform for showcasing its NFTs to users.
There is no official confirmation from either of the platforms, and it is still very early to comment something definite on this development. Adam Mosseri, one of the top executives on Instagram, said in the month of December last year that his social networking organization is actively looking to engage with the concept of NFT. That is a clear-cut indication that Instagram is now ready to embrace the concept of NFT and offer this to users to further popularize this newest kind of digital asset.
The plans in the case of Facebook could be larger as the company might be looking forward to integrating the NFT with the metaverse. Many organizations are under the impression that offering NFT will lead to the creation of metaverse, though, in the case of Facebook, the company is fully capable of achieving holistic integration between the concept of NFT and Metaverse.
Also, having its own unique NFT marketplace that allows users in the virtual world to trade NFTs will help the company not allow third-party platforms such as OpenSea (market leader in the NFT space) to exert their dominance in the Meta ecosystem.