Meta is reportedly working on a feature to enable its social media users to create and sell NFTs, as Facebook’s parent company looks to join the avalanche of companies trying to capitalize on the digital collectible craze.
- According a report published in Financial times, the Facebook and Instagram teams are working on a feature that will allow users to display their NFTs on their social media profiles, as well as building a prototype to help users create, or mint, the NFTs.
- Two people familiar with the plan said that Meta has also discussed launching a marketplace for users to buy and sell NFTs, essentially a digital asset that represents art or images that cannot be replicated.
- Although all the efforts are at an initial stage and could still change. But the discussions mark the first efforts by Meta to cash in on the world of NFTs, whose popularity surged last year to become a global market worth US$40 billion.
- Dominant NFT marketplace OpenSea, which takes a 2.5% cut on any sale, earlier this month raised US$300 million at a US$13 billion valuation.
- Leading US crypto exchange Coinbase is launching its own NFT marketplace, Meta rival Twitter is testing NFT, while Reddit has launched its own collection of NFT avatars.
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