As expected, Meta is gearing up to enter NFT territory
Facebook and Instagram, subsidiaries of tech giant Meta, are on track to allow their users to create their own non-fungible tokens, reports The Financial Times.
NFT owners will be able to display their valuable artwork as a profile image. Twitter announced a similar option last September.
On top of that, Mark Zuckerberg’s company is also working on its own NFT marketplace where users will be able to buy and sell collectibles. This means that Meta is looking to compete with cryptocurrency-native companies such as OpenC and Coinbase.
OpenSea, the largest NFT market, recently reached a valuation of $13.3 billion after staggering growth in 2021. However, there is no shortage of comparisons to those who want a piece of the lucrative market whose value has now risen to $40 billion. Coinbase’s just-launched marketplace is seen as the main threat to OpenSea, but it also has to compete with FTX NFTs, Rarible, and other platforms.
Facebook’s move into NFTs is still expected. The company effectively rebranded its “Metaverse” plans to Meta and renamed it Infinity Loop.The tech giant’s metaverse ambitions were met with mostly standoffish comments, with many cryptocurrency proponents arguing that they undermine decentralization.