Meta-plans to allow users to mint, sell NFTs on Facebook, Instagram: report
Social media giant Facebook, which recently changed its name to Metaplatforms (NASDAQ:FB), plans to let users create and sell their own non-fungible tokens (NFTs).
What happened: According to a Thursday report from FinancialTimes, Facebook and Instagram teams are working on a feature that will allow users to post their NFTs on their social media profiles.
Another prototype in development will allow users to mint their own digital collectibles, according to the report, citing people familiar with the matter.
FT sources said that nstagram is internally testing its NFT showcase feature.
Why is this important: Facebook’s rebranding to Meta comes on the heels of a number of companies competing to build the metaverse, with NFTs playing an important role.
A recent Bloomberg report revealed that the NFT market surpassed $40 billion in 2021.
The opportunity in the industry has prompted several companies to launch NFT trading platforms. Major crypto exchange Coinbase Global Inc. (NASDAQ:COIN) recently announced a partnership with Mastercard Inc. (NYSE:MA) as a payment partner for a future NFT marketplace.
Coinbase CEO Brian Armstrong said he expects Coinbase’s NFT business to be “bigger” than its crypto offerings, including Bitcoin (CRYPTO: BTC) and Dogecoin (CRYPT: DOGE).
FB Price Action: Meta shares are down 5.6% year-to-date. As of Thursday morning, Meta was trading at a price of $319 per share.