Meta Platforms, Inc. (NASDAQ: FB) is gearing up to step foot in the NFT world. Meta formerly known as Facebook Inc is reportedly creating a new feature that would enable users to show their NFT collections on Instagram. The new feature would reportedly enable Meta and Instagram users to mint and sell NFTs, as well as set them as their profile pictures.
The move of Meta to step foot in the NFT arena was almost inevitable. While one might expect the corporation to cling to its metaverse ambitions, the rising digital collectibles industry is difficult to ignore. Furthermore, OpenSea which is the main NFT marketplace has already exceeded its prior monthly highs barely two weeks into the new year. The monthly Ethereum trading volume on the platform had already topped $3.5 billion by mid-January.
In addition, a digital asset that depicts real-world objects like art, music, in-game items, and films is known as an NFT. They're acquired and traded online, often using cryptocurrency, and they're usually encoded with the same software as many other cryptos. More and more businesses are stepping foot in the NFT world as its trend is increasing.
It would make sense that Meta is preparing to step foot in the NFT world. While firms occasionally misuse the link between NFTs and the metaverse, Meta may want to establish a platform for them so that people of its virtual worlds can sell one-of-a-kind digital things. If NFTs trend is for short time, this might also help Meta avoid third-party systems like OpenSea's market from acquiring too much popularity.
Previously, Meta earlier disclosed in October that it would rebrand from Facebook to Meta. Instagram CEO Adam Mosseri revealed two months later, in December, that the company was actively researching NFTs and how it might make them more accessible to the public.