Meta starts experimenting with NFT marketplace on Instagram and the new feature will allow users to showcase their collections on the social media platform as we can see in today’s crypto latest news.
Meta formerly known as Facebook has new plans to enter the growing NFT market according to the Financial Times. According to sources familiar with the matter, the social media company is preparing for a new feature that will allow users to mint and sell NFTs. Meta starts experimenting with the NFT marketplace and users will be able to display their NFT collections on their social media profiles. Meta acquired Instagram back in 2012 for $1 billion. It is still unclear whcih blockcahin network the features will be built on. These days, NFTs exist on a few blockchains including Tezos, Solana, Ethereum, WAX, and Flow. Two sources indicated that the NFT marketplace akin to the OpenSea NFT marketplace is in the works.
OpenSea was a keystone for the booming NFT space and amid the broader market downturn, the platform broke a $3.5 billion record in a monthly volume traded 2 weeks before the end of January. The entire market for digital collectibles hit 441 billion in 2021 according to the reports from analytics company Chaianlysis. The breakout year was headlined by the $69 million sales by the digital artist Beeple and a host of celebrities backing the craze in one way. This hype sparked interest among the non-crypto companies. Instagram’s CEO Adam Mosseri said that the company is exploring NFTs and how they can make them more accessible to a bigger audience.
The company hosted a panel for NFT creators to raise awareness around how to use this technology. The VP of partnership at Instagram Charles Porch said that the creators said they will need more info on how to use NFTs from creators. NFTs also played a huge part in the emerging metaverse trend and in this environment, establishing non-fungible ownership of objects in the environment is critical. And with the latest move by Meta a company so-named to signal Mark Zuckerberg’s move towards the metaverse the industry is getting a glimpse into how the NFTs could be implemented.
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