In Brief:
- Meta is diving into the NFT space by planning to allow its users to create and sell NFTs on the platform.
- Meta is also developing a prototype that will allow users to mint NFTs.
- All these initiatives are in their early stages and may change in the future.
Facebook and Instagram parent company Meta is not going to miss out on the NFT craze with plans to launch a lot of NFT-related features on its platform.
According to a Financial Times report, Meta is planning to introduce features that will allow users to create and sell NFTs. Meta is working on a feature right now that will allow users to display their NFTs on their Facebook and Instagram profiles.
Last year, the corporation previously known as Facebook rebranded to Meta as part of its push into the metaverse, a modernistic virtual world.
The tech conglomerate is also developing a prototype that will allow users to mint NFTs.
Meta is also reportedly planning to launch a marketplace where users can buy and sell NFTs.
The report notes that all of these initiatives are in their early stages and may change in the future.
If Meta launches an NFT marketplace, it will face strong competition from OpenSea, the leading platform which achieved a new milestone as the platform reached a record $3.5B in monthly ethereum trading volume in January.
Coinbase is also planning to launch an NFT platform soon and it recently announced that it would accept Mastercard payments. Reddit is also considering launching a marketplace for NFT. Instagram CEO Adam Mosseri also stated last month that the company is looking into ways to bring NFTs to a broader audience through its platform.
