Meta working on features to create, sell NFTs

Mark Zuckerberg-led Meta is planning to allow its users to create and sell non-fungible tokens (NFTs) to cash in on the craze for digital collectibles, media reports said.

Facebook and Instagram, the two social media platforms of Meta, have teams working on features that will allow users to display NFTs on their profiles, Financial Times reported on Thursday. The two companies are also working on creating a prototype feature that will help users create or mint collectible tokens in the future, the report said quoting people familiar with the matter.

Last year, Facebook had said the company will focus on building a metaverse to support NFTs that will help users to display limited edition digital objects on their digital space and sell and resell them to others securely.

Instagram CEO Adam Mosseri also said the company was working on building features to incorporate NFTs and bring it to a wider audience through its app.

Meta is discussing the possibility of launching a marketplace for users to buy and sell NFTs, the FT report said quoting two sources. NFTs are digital assets that represent art or imagery and cannot be replicated.

As all efforts are in the early stage, they could be changed later, the report said.

The discussion marks Meta’s first effort to capitalise on the much-hyped NFT world, which has grown in popularity to reach a global market worth $40 billion. Critics have called the sector a speculative bubble plagued by market manipulation and scams.

However, some platforms have reaped gains from the booming NFT space. In January, dominant NFT marketplace OpenSea raised $300 million at a $13-bn valuation by taking 2.5 percent cut from sales. US-based cryptocurrency exchange Coinbase is also planning to launch its own marketplace, while Twitter is testing NFT showcasing capabilities.

It is still unknown which blockchain network Meta will use to build these features, Decrypt reported. NFTs are hosted on several blockchains including Solana, Flow, WAX, Tezos and Ethereum.