Meta might be the next to hop on the NFT bandwagon. The Financial Times’ sources claim Meta is developing ways to create, display and sell NFTs on Facebook and Instagram. The company’s Novi wallet technology would power much of the “supporting functionality,” one tipster said. Instagram is reportedly testing a way to showcase NFTs, while Meta is also said to be discussing a marketplace that would help you buy or sell these digital collectibles.
The company has already declined to comment, and the sources cautioned the effort was still early and could change.However, Instagram leader Adam Mosseri said in December that his social network was “actively exploring” NFTs. The technology is on the company’s mind, at least.
A dip into NFTs would make sense. While companies sometimes abuse the link between NFTs and the metaverse (merely offering NFTs doesn’t mean you’re creating a metaverse, folks), Meta might want a framework for them so that residents of its virtual worlds can sell unique digital goods. This could also help Meta prevent third-party platforms like OpenSea’s market from gaining too strong a hold if NFTs prove to be more than a short-lived trend.
Editor’s note: This article originally appeared on Engadget.