This will be “quickly followed” by testing of a feature that will allow membership of Facebook groups based on NFT ownership and another for minting – a term for creating – NFTs. NFTs may be monetised via “fees and/or ads” in the future, according to another internal document. Facebook declined to comment.”

So Meta is seemingly close to establishing its own NFT ecosystem, which follows Twitter’s move to incorporate NFT profile pictures, with a new, integrated display format now available to paying Twitter Blue subscribers.

It seems that Facebook will be looking to facilitate dedicated NFT communities, and become more of a home destination for certain holders and their discussions. Right now, most NFT communities are hosted on Discord, where whitelisting and other elements take place.

Meta, owner of Facebook and Instagram, is reportedly about todive into the business of digital collectibles, NFTs.

Meta’s plans with NFTs

This was revealed by theFinancial Times, according to which the company is experimenting withthe use of NFT technology, probably to release some specific functionality related to non-fungible tokens in the future.

The experimentation is still at an early stage, and the company’s plan could still change in the future.

The Financial Times cites anonymous sources familiar with the matter, according to whichMeta and Instagram would be considering the launch of a proprietary platformforbuying and selling NFTs.

Some NFTs are used as access to exclusive clubs, for example Bored Ape Yacht Club, which double as profile pictures and access to chat rooms. Other’s people display in the same way someone might lay out a movie poster or sticker collection.

It’s not uncommon for the owners of specific NFTs to publish them as their Twitter profile pictures in order to signal social stature.
Users often also include a link to prove their ownership of the NFT as well in their profile because showcases do not yet exist on these platforms.

All that has been driving industry interest by social media platforms such as Twitter, which hinted at upcoming NFT verified profile pictures and an NFT showcase.

Photo: UnsplashA message from John Furrier, co-founder of SiliconANGLE:

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📢 @instagram’ın CEO’su Adam Mosseri(@mosseri), #NFT trendini aktif olarak araştırdıklarını ifade etti.

👨‍👩‍👦‍👦 NFT’leri daha geniş kitlelere nasıl erişilebilir kılabilecekleri üzerinde düşündüklerini ve yer alabilecekleri ilgi çekici bir alan olduğunu aktardı.#instagram#NFTspic.twitter.com/ISFttj9cRz

— NFT Library (@LibraryNft) December 18, 2021

The nature in which Mosseri responds to the question of NFTs clearly indicates it was a topic the company was looking into, and while he said there is nothing to announce “yet,” it did look as though that meant there was something behind the scenes at work.

Social Media Support Would Provide NFTs More Legitimacy

Meta’s support of NFTs may help provide some level of security and legitimacy to a system that is often derided for lacking either.

NFTs minted on the Ethereum and Polygon blockchains will be supported initially, with Solana and Flow coming soon, according to Meta spokesperson Christine Pai.

Mosseri emphasizes that support for NFTs on Instagram could help introduce the technology to a broader range of people. Instagram isn’t the first platform to do so: in January, Twitter introduced NFTs on the platform as hexagon-shaped profile pictures.
An icon in the corner of Instagram posts of NFTs also appears as a hexagon. Though companies and celebrities have been quick to jump on NFTs, and some recent sales have produced temporary activity spikes, a report by TheWall Street Journal last week said sales have flatlined since a peak last September.

Update May 9th 1PM ET: Updated to include comment from Meta about the blockchains supported on Instagram.

Social media conglomerate Meta is exploring plans to let users create, showcase, and sell NFTs on Facebook and Instagram, according to a report from The Financial Times.

If the company launches such tools, it would be the biggest show of mainstream support for NFTs to date, and help solidify the controversial assets’ place in the digital world.

As per the FT, the plans are “at an early stage and could yet change.” The publication says teams at Facebook and Instagram are “readying” a feature that will let users display NFTs as their profile pictures, as well as working on a prototype to let users mint new NFTs. Others at Meta are reportedly discussing “launching a marketplace for users to buy and sell NFTs.”

Exactly how far along these plans are is impossible to say, but it’s not the first show of interest in NFTs we’ve seen from Meta’s leaders.

Artists create unique pieces of digital art (although in reality, this typically ends up just being marketers creating computer-generated collections, but whatever) that can then be acquired by people through two different means: minting, where you pay a set fee for a randomly assigned piece from a collection, or purchasing, where you just buy a specific piece through a marketplace. The idea is that by buying these digital pieces of art, you get digital proof of ownership that exists on the blockchain so everyone can see that the piece belongs to you.

Except it doesn’t really.
Most NFTs are not actually the art itself, but instead are links to where the piece of art is stored. You own nothing, and that link can disappear or change at any time.

That said, frankly, NFTs and Meta make for a good fit.

And despite claims that these assets embody a decentralized forms of ownership, their legitimacy rests upon recognition from existing online platforms. If Twitter or Instagram lets anyone copy and paste your JPG of a smoking chimp, who’s to say who really owns it? But if companies start enforcing ownership rights as signified by NFTs, they could become legitimate digital assets (at least on those platforms).

For Meta, embracing NFTs could also help it wield greater influence in what the company has labelled the metaverse — a nebulous concept of interconnected virtual worlds, similar to promises of VR universes floated in the 1990s and before.

CEO of Facebook/Meta, has been pretty upfront about his fascination with NFTs and blockchain technologies from the very start. Metaverse, too – which inspired the umbrella company’s name in the first place – is a hotly contested topic, and it’s only a matter of time before Meta starts pushing in this direction.

It seems the first step towards realizing that goal will be to begin using Facebook and Instagram, two of Meta’s most significant endeavors, as NFT platforms.
Zuckerberg has just confirmed that the company will start testing NFTs very soon, albeit to a somewhat limited extent.

RELATED: Former Nintendo of America President Reggie Fils-Aime Has Doubts About Facebook’s Plans for Metaverse

In his latest community address on Facebook, Mark Zuckerberg explained that Meta is beginning to test “digital collectibles” on Instagram (i.e.

Meta Platforms Inc., formerly Facebook Inc., is reportedly jumping onto the nonfungible token bandwagon and will allow users of its social media platforms Facebook and Instagram to mint, sell and trade the digital assets.

According to the Financial Times, unnamed sources said that Meta is already working on features that will allow users to display NFTs on social media profiles on Facebook and Instagram. There is also a prototype in the works that will assist users in the minting, or creation, of the tokens.

NFTs are a type of virtual asset secured by peer-to-peer blockchain technology that represents ownership of digital items such as artwork, music, collectibles, videogame items and more.

NFT discussion and community features, which, aligned with Facebook’s scale, could be an attractive lure for NFT projects.

Though I’m not sure it’s a great idea for Meta to get more involved in the NFT trend, given the aforementioned scams and questionable activity in the space. Every other day there are reports of millions of dollars being lost through hacks and deception, and while that’s not representative of the entire NFT ecosystem, it is still a concerning element, especially given the lack of regulation and/or legal recourse available to victims.

Still, maybe Meta’s also looking to the future, where NFTs will form the backbone of a new digital goods economy.

Meta’s ultimate aim is to encourage eCommerce within the metaverse, its fantastical dream realm where anything is possible, and nothing bad ever happens that might come back to haunt Zuckerberg and his team.

NFTs and are fundamental to the economy that has been built up around digital assets.

OpenSea, the largest NFT marketplace, recently raised $300 million at a $13 billion valuation earlier this month and facilitated more than $10 billion in NFT sales and trading volume by November 2021. Crypto wallet and finance providers Blockchain.com and Coinbase have both signaled plans to open up their own NFT marketplaces as well.

During the company’s rebranding to Meta in October, Chief Executive Mark Zuckerberg said that NFTs would be part of Meta’s shift into the “metaverse,” an interconnected network of virtual worlds, which would allow the purchase and trade of virtual items between users.

Many collectors of NFTs do so as part of a cultural and social experience, using their collections to showcase their personalities.

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