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Facebook and Instagram are said to be working on adding NFT support

Meta is to introduce support for non-fungible tokens (NFTs) to its social media platforms Facebook and Instagram, according to a recent report by the Financial Times (FT).

More so, According to the report, Meta is attempting to cash in on the NFT frenzy by incorporating a new marketplace into its already-popular social networking platforms. So, According to the Financial Times, both platforms’ development teams are working on features that would let users to create their own NFTs and use them as profile photos.

According to two sources familiar with the project, Meta is planning to launch a completely new NFT marketplace.

Also, Meta’s announcement comes on the heels of social media competition Twitter permitting NFT profile images for iOS users.

When David Marcus, then-head of Facebook’s F2 business, explains to Bloomberg in an interview in August 2021 that the firm is

“certainly exploring at a lot of methods” to get engaged in the digital collectible field, he alluded at an NFT marketplace:

“Thinking about the metaverse as a fully digital environment is actually super helpful”

” when you design products that need to be future-proof.

“When I look at what’s going to be needed in the metaverse, it’s really seamless movement of value, and for that, we need a new infrastructure,”

“interoperability, because you’ll want to have multiple wallets able to participate in a metaverse.”

“And I think having programmable money and having smart contracts on top of a purposefully built”

” blockchain is going to be transformational for the metaverse. Because if you’re a creator, if you’re creating an NFT,”

“you may want to rent your NFT or sell your NFT, you’ll have to store your NFT.”

“And you can think of all kinds of new business models around this that are not possible”

” with the current payments infrastructure and without smart contracts.“

So, According to the Financial Times, Meta has yet to comment publicly on the possible NFT marketplace. That’s, or its future plans for Facebook and Instagram.

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