Meta Platforms Inc, the American social media unicorn, is reportedly working on plans to integrate Non-Fungible Tokens (NFTs) into its flagship applications, Facebook and Instagram. As reported by the Financial Times (FT), the feature will enable the platform users to upload NFTs on their profile pictures, a move that will further lend credence to the fast-growing NFT and metaverse innovation.
The report also has it that Meta Platforms is working to launch an NFT marketplace where these digital collectibles can mint, buy and sell collectibles. This marketplace will seek to bring massive competition to native NFT trading platforms such as OpenSea which has come under fire by users for its centralized operations and high fees.
Per the FT sources, Meta’s NFT plans are in their earliest stages, and the modalities may change as the plans become more mature. Meta Platforms has also reportedly been making the move to broaden its stance in the emerging metaverse world with the onboarding of one hundred staff from competing tech giants.
Meta changed its name from Facebook toward the end of last year as it seeks to redefine social interactions which it hopes to move into the metaverse. Literally, the metaverse is a virtual world where users can connect and carry out their daily activities using their digital avatars. While its pursuit in the metaverse is yet to be defined, the company currently has a number of patents that will help chart its operational and earnings modalities in the metaverse.
Big Brands and NFT Embrace
Despite the fact that Non-Fungible Tokens have been around for quite some time, the mainstreaming of the offshoot of blockchain technology took the center stage in the past year. At present, many global brands including Marvel Studios, Adidas, Samsung Electronics America, and more are beginning to embrace NFT innovations through the direct purchase of NFTs.
Most global brands including Budweiser have also launched their own collections in a bid to engraft their presence into the emerging metaverse world. While these companies are arguably pioneering the move by corporate brands into NFTs, Meta Platforms’ approach is more engulfing, and the company is prepared to inject massive capital to actualize its pioneering build-up of the metaverse.