Meta May Allow Users to Make, Showcase, and Sell NFTs: Get More Information!

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Meta may allow users to create, showcase, and sell NFTs

According to a recent report by The Financial Times, Meta Inc (formerly Facebook) is considering allowing users to create, showcase, and sell non-fungible tokens (NFTs) on Facebook and Instagram.

Non-fungible tokens are digital assets that use blockchain technology to record who owns a digital object, such as an image, video, or in-game item. Only the buyer can claim to be the “official” owner of the asset in question.

For now, Facebook and Instagram are preparing a marketplace feature that will let users design NFTs, according to the Financial Times (FT). According to Engadget, the plans are currently in an “early stage and could yet change.”

Following Instagram CEO Adam Mosseri’s declaration in December that the social network was “actively exploring” the use of NFTs, this new development has emerged. Mosseri was responding to a question about integrating NFTs into Instagram in an Instagram Q&A posted to his Stories.

However, “Nothing to announce yet,” he said, “but we are definitely exploring NFTs and how we can make them more accessible.” “Owning digital goods or NFTs” is something Mark Zuckerberg said earlier this month that the metaverse will need to support.

In recent months, NFTs have been gaining support from other well-known web platforms. According to Dune analytics, NFTs have broken a monthly trading record by racking up $4 billion in sales each month.

With only two weeks left in the month of January, OpenSea’s monthly Ether (ETH) trade volume has surpassed $3.5 billion, shattering all previous records. On Sunday, OpenSea’s trading volume hit a record $261 million. During the month of January alone, OpenSea recorded $169 million in daily trading volumes.

In the meantime, Reddit has released its own set of NFT avatars for users, and Twitter recently announced a new way for users to authenticate their profile pictures using NFTs. NFTs can now be linked to a user’s Twitter account, and Twitter will display authentic NFT profile pictures with a new hexagon-shaped mask as proof of authenticity.

Also Read: Ola App: How Much Does an App Like Ola Cost?

Users Will Soon Be Able to Create and Sell NFTs on Meta.

Pundits say Facebook and Instagram are working on a feature that will allow users to show off their NFTs on social media profiles, and they are also developing a prototype that will assist users in creating, or minting, the collectible tokens.

In the wake of Walmart’s announcement that it is launching its own NFT collection, Nike and Coca-Cola have already made forays into the market.

Meta-owned Instagram CEO Adam Mosseri said the platform was “actively exploring NFTs” and features to make them more accessible, but he did not provide any specifics. We can expect the NFT digital asset market to grow significantly if Instagram and Facebook enter the market.

According to reports, Reddit and Twitter are also working on NFT and Blockchain integration on their platforms.

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