Meta-owned Instagram and Facebook are reportedly developing new tools that will allow its users to display their Non-Fungible Tokens (NFTs) as their profile pictures, according to a report from The Financial Times.
Meta, which has already emphasized that it wants to move away from its 'social media company' tag and shift its focus to building a virtual reality (VR) metaverse is reportedly planning to host its own NFT marketplace where users would be able to view, mint, buy and sell NFTs on the platform. These plans, however, are in their early stages, and could change.
In December, Instagram CEO Adam Mosseri stated that the company was "actively exploring NFTs," while Meta's Mark Zuckerberg's plans are already widely known by now.
Further, Meta's reported NFT marketplace will make use of Facebook's digital currency wallet Novi. "A lot of the supporting functionality relating to Novi will be powering the NFTs," one person with knowledge of the plans told The Financial Times.
Source: Financial Times