Facebook's meta is reportedly working on a feature that will allow users to mint collectible tokens and display their NFTs on their social media profiles. According to sources familiar with the matter, Meta has also discussed launching a marketplace for users to buy and sell NFTs. Meta jumps on the NFT bandwagon It seems there's no end to companies capitalizing on the growing NFT craze.
The latest to join the craze could be Facebook's parent company Meta, as sources close to the company revealed that it is actively working to roll out various NFT features across its platforms. According to a Financial Times report, the teams at Facebook and Instagram are currently developing a feature that will allow users to display their NFTs on their social media profiles. The developers are also working on a prototype that will allow users to mint their own NFTs on Facebook, sources familiar with the matter revealed. Two of those associated with Meta also said that the company has been discussing launching a proprietary market for NFTs. The jump from meta to NFT is in line with his ambitious plans to launch a global metaverse. to support a market for digital goods.Even Instagram isn't immune to NFTs, as its boss Adam Mosseri said last month that the platform is actively exploring non-fungible tokens. Blockchain Technology. Both Facebook and Instagram have seen their popularity decline over the past year, with Facebook losing users due to increased censorship and loss of network effect. And while it might take more than a few million people to leave Facebook to make a dent in its ad-based business model, Meta is already bracing for a future where most of its revenue won't come from Facebook ads . Over the next 10 years, the company plans to spend $10 billion a year building its metaverse and will need new revenue models. Luckily, NFTs presented themselves as the perfect option. But despite being a $40 billion market, NFTs are still largely included in the crypto world. OpenSea, the largest eNFT marketplace, was valued at $13 billion this month. Its value is based on the incredible network effect the platform has, as well as the flat 2.5% cut of all NFT sales.If Meta implemented a similar model, it could reach a much larger market than OpenSea or any of its competitors, generating revenues and profits that would dwarf any DeFi protocol. The work the company has done on Novi, Facebook's proprietary crypto wallet, is also in line with this goal. Sources close to Facebook told the Financial Times that Novi will be "vital" to its plans regarding NFTs, as much of the wallet's functionality will be designed to run NFTs.