Report: Meta and Instagram Are Exploring an "Early Stage" NFT Feature
Meta Platforms, Inc., formerly known as Facebook, Inc., is reportedly experimenting with non-fungible token (NFT) technology, according to unknown sources speaking with the Financial Times (FT). Allegedly, Meta is “readying” an NFT feature but it is “at an early stage and could yet change.” Meta and Instagram Are Reportedly Experimenting With NFT Tech
A report stemming from the financial news outlet FT says that Meta and the firm’s subsidiary Instagram are currently exploring NFT technology. FT quotes unnamed sources familiar with the matter, that claim Meta and Instagram are conversing about “launching a marketplace for users to buy and sell NFTs.” However, there has been no official word about leveraging NFT tech from the American multinational technology conglomerate based in Menlo Park.
The sources said both companies have been “readying” an NFT feature, but the concepts could change over time. Meta has been at the forefront of trying to be a leader in the metaverse trend and owns the virtual reality (VR) firm Oculus. Still, Meta has not mentioned anything about leveraging NFT tech going forward. Instagram, however, has been hinting at utilizing NFTs on the social media platform. Instagram’s NFT Hints, Report Claims Meta’s Novi Wallet Could Support NFT Functionality
During an ask-me-anything (AMA) session on Instagram, Adam Mosseri, the company’s CEO, said Instagram wants to make NFTs “more accessible to a wider audience.” Last May, Instagram hosted its first annual “Creator Week,” which showcased non-fungible tokens and NFT artists. Not too long after the first Instagram Creator Week, software developer Alessandro Paluzzi shared screenshots of Instagram’s alleged plans to incorporate NFTs last June.
Paluzzi further shared an alleged NFT feature that indicates Instagram could be building an NFT marketplace. While Instagram has been reportedly dipping its toes into the world of NFTs, Meta has been quietly rolling out the company’s crypto wallet Novi, and recently revealed a limited rollout for select users. FT’s report further notes that the Novi wallet could feature an NFT “supporting functionality,” according to one of the unnamed sources. Tags in this story Blockchain, Facebook, financial times, FT, Inc., Instagram Meta, Instagram NFT, Mark Zuckerberg, Meta, Meta Facebook, Meta NFT, Meta NFT Tech, Meta Platforms, nft, NFT Feature, NFT Instagram, NFT support, NFTs, NFTs Meta, Non-fungible Token, novi, report
What do you think about the unnamed sources who say that Meta and Instagram are readying an NFT feature? Let us know what you think about this subject in the comments section below. Jamie Redman
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today. Auditing Firms Claim Crypto.com Lost $15 Million in Incident as Users Report Suspicious Activity NEWS | 2 days ago Heavyweight Champ Francis Ngannou Plans to "Take Half of His UFC 270 Purse Paid in Bitcoin" NEWS | 2 days ago
Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleEQX, a Native Token of a Bank Powered DeFi Platform EQIFI, Is Now Listed on FMFW․io Exchange (Formerly Bitcoin․com Exchange) Next articleSEC Chairman Gary Gensler Stresses Crypto Trading Platforms Must Be Regulated to Ensure Investor Protection Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItRussia’s Tinkoff Bank Enters Crypto Space Through Swiss Company Acquisition
The Russian neobank Tinkoff is joining the world of cryptocurrencies with the purchase of a stake in Aximetria, a Swiss-registered and licensed company which provides clients around the world with services and solutions for digital financial assets. Tinkoff Bank Buys ... read more.Tesla Begins Accepting Dogecoin Payments — Some Merchandise Can Only Be Purchased With DOGE Kingdom of Tonga May Adopt Bitcoin as Legal Tender, Says Former Member of Parliament Survey: Proportion of South African Crypto Holders Grows to 11.3%, 56% of Crypto Owners Hold Bitcoin British Lawmakers Say a CBDC Is Likely to Hurt Financial Stability — Digital Pound Benefits Overstated