Facebook And Instagram Reportedly Plan On Integrating NFT Marketplace Into Social Media

It’s been just revealed that there are some pretty exciting moves involving NFT Marketplaces and social media. Check out the latest reports below.

The online publication the Daily Hodl notes that Facebook and Instagram are reportedly planning on integrating a non-fungible token (NFT) marketplace into their social media platforms.

According to a report coming from The Financial Times, Meta, the owner behind the two tech giants, seeks to join various other companies riding the wave of NFT adoption.

Check out the tweet below.

gm!

You asked (a lot), so we made it. Now rolling out in Labs: NFT Profile Pictures on iOS pic.twitter.com/HFyspS4cQW

— Twitter Blue (@TwitterBlue) January 20, 2022

As revealed by the online publication mentioned above, Facebook made its first major hint about an entrance to the NFT market in August when Facebook Financial head David Marcus said the company was “definitely thinking” about it.

“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.”

The notes continued and revealed the following:

“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.”

The same notes also unveiled the following information:

“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.”

Stay tuned for more news and make sure to stay safe as well.