Facebook could become a marketplace for minting and flipping NFTs
In addition to minting and flipping NFTs, Meta would like to create its own marketplace powered by in-house cryptocurrency platform Novi.
Meta Reportedly working on projects that will allow users to create and create NFTs on Facebook and Instagram, with other plans to create its own marketplace and somehow integrate with its Novi cryptocurrency platform in the mix. In the simplest terms, NFTs (Non-Fungible Tokens) can be described as digital art traded on blockchain, the underlying technology of cryptocurrencies. An NFT has a unique ownership signature which is also recorded on the blockchain, and this is where most of the hype is – verifiable ownership of a unique digital asset, even though anyone can copy it – paste digital art in JPEG format.
It also turns out to be a huge undertaking. The original World Wide Web code was auctioned off as NFTs in June last year, while someone sold thousands of selfies as an NFT collection now listed to be worth more than one million dollars. Game publishers are going crazy with the trend, while gamers are going crazy with the grift. Nike, Ferrari, Taco Bell, Pringles and even NFL star Tom Brady, almost everyone wants to profit from an industry worth billions of dollars. Social media companies are no different, and it looks like a tectonic shift could be about to happen, thanks to Meta.
According to FinancialTimes, Meta plans to offer tools on Facebook and Instagram that will allow users to create digital art, turn it into NFTs, post it on their profile, and even sell it in a native marketplace. The potential is huge, but Mark Zuckerberg already hinted at the same with the overambitious and excruciatingly long introduction of the metaverse during Facebook Connect late last year.
Meta wants it all
Being able to post NFTs on social media profile is only half the picture. Twitter announced something similar earlier this week, allowing crypto fans to apply their NFT art like a hex profile picture. Meta, as always, leans on the profit side and already has some of the key tools at its disposal. According to the report, the company aims to create a comprehensive market for NFT trading. With over two billion users on Instagram and nearly three billion monthly active users hooked up to Facebook, even a tiny percentage would allow Meta to build an economy fueled by NFT enthusiasts.
The company doesn’t just own the platform and the marketplace, either. The company also reportedly wanted to weave its own Novi-branded struggling cryptocurrency assets into its NFT empire, essentially keeping access to the entire ecosystem. “Much of the support features relating to Novi will power NFTs”, an insider source was quoted as saying. The plans are still in the early stages of development and could be cancelled. If they materialize, however, Meta could instantly become the biggest player in the NFT industry, and with more control over the entire ecosystem than any other NFT trading platform.
Next: The NFT bay is the pirate bay for expensive JPEGs
1000-Lb Sisters: Why fans don’t like Tammy Slaton’s new therapist
About the Author