Meta, the parent company of Facebook and Instagram, is making plans to allow users to design, display and trade NFT’s on their social media platforms.
ARE THEY PROGRESSING?
According to the Financial Times, Meta has been working on plans to allow users to create, display and trade the non-fungible tokens (NFT’S). People familiar with these plans say that Meta is working on introducing a marketplace where NFT’s can be traded. But they also said that this could change as it is still in its early stage.
The Financial Times in a news report, also said that there are teams at Facebook and Instagram “readying” a feature that will allow users to showcase their NFT’s on their social media profiles, and also a prototype to help users create collectible tokens.
This is coming few months after Meta’s products went offline for hours causing global panic over the future of the company.
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COMPETITORS ARE NOT BACKING DOWN
Meta’s competitors, Twitter and Reddit, are also making moves on the NFT project. Twitter is experimenting with the showcasing capabilities of NFT, while Reddit has launched its collection of NFT Avatars. Reports Financial Times.
HOW DOES THIS BENEFIT CREATORS
Last year, Meta’s CEO, Mack Zuckerberg, said that NFT would play a major role in the development of the Metaverse.
This idea will favor NFT creators because it will help them make a fortune out of their digital arts, at a time when digital arts such as the CryptoPunks are members of an expensive collection.
Aside from social media platforms, NFT’s have also gained popularity and the attention of other industries, such as the Gaming and Entertainment Industries.
As of press time, Financial Times said that Meta has declined to comment on the report.
