Sunday December 04, 2022

Facebook and Instagram are reportedly exploring plans to make, showcase, and sell NFTs

According to a report by The Financial Times, Meta, a social media conglomerate, is looking at ways to allow users to create, showcase, or sell NFTs via Facebook and Instagram.
According to the FT, these plans are still in an early stage and could change. According to the publication, teams at Facebook and Instagram are working on a feature that will allow users to display NFTs in their profile photos. They also have a prototype that will allow users to create new NFTs. Meta is also rumored to be discussing the possibility of launching a marketplace that allows users to sell and buy NFTs.
It’s impossible to know exactly how far these plans are, but it’s not our first sign of interest in NFTs from Meta’s top leaders. Last December, Instagram chief Adam Mosseri stated that the company was “actively investigating NFTs and how they can be made more accessible to a larger audience.” Meanwhile, last October, Meta CEO Mark Zuckerberg spoke out about how the metaverse will need support “ownership digital goods or NFTs.”
NFTs, which are non-fungible tokens have gained support from other established web platforms in the recent months. Twitter is currently working on ways to display such blockchain-supported items, while Reddit launched a collection of NFT avatars that it offers its users.
NFTs are often criticized for their speculative nature (prices fluctuate with alarming speed) and lack security (some claim they guarantee ownership). However, these assets will be more valuable if existing tech giants support them.
An NFT is a way to claim ownership over a digital item such as a JPG, GIF, or other digital files via a unique address on blockchain. These assets claim to be decentralized forms, but their legitimacy is dependent on recognition from existing online platforms. If anyone can copy and paste your JPG (of a smoking chimp) on Instagram or Twitter, who is to say who actually owns it? However, if companies enforce ownership rights as indicated by NFTs they could be considered digital assets (at the very least on those platforms).
Meta believes that NFTs will allow it to have greater influence in what it has called the metaverse. This is a concept of interconnected virtual universes similar to the promises of VR universes made in the 1990s. This could increase the value and importance NFTs, while also centralizing control over the assets.

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