According to the Financial Times report, Meta has NFT plans for Facebook and Instagram. There are studies on NFT printing and trading in the early-stage plans. If these projects come to life, we can print and sell NFT on Facebook and Instagram.
After NFTs are integrated into Instagram and Facebook, licensed NFTs can be used as profile photos. In this way, users will be able to verify which NFT belongs to whom through these platforms.
The impact of this news on NFT markets is quite significant. Meta’s social media platforms are used by approximately 4 billion active users. The involvement of Facebook and Instagram in the NFT market could break new ground for NFTs. NFTs reach more people, and 4 billion people are astronomical compared to the current number of people with NFTs.
The Financial Times report also highlighted that Meta has plans for NFT, but these have not yet been approved. The giant company is still studying NFTs and connected technologies. If NFT projects are decided to be implemented due to Meta (Facebook) research, we can see NFTs on Facebook and Instagram. In addition, the company’s change of name from Facebook to Meta and statements about the metaverse are the news that these NFT projects are not far away.
Meta’s statements regarding the metaverse in the past months received mixed reactions. Some were happy that an industry giant like Meta supported the metaverse, while others thought it would try to take over this industry. Questions on the subject will be answered in time.