Meta Plans To Connect NFTs To Facebook & Instagram

January 20, 2022 4:43 pm

Meta (formerly Facebook) is now deep diving into the NFT space now as they are working on integrating a feature that will allow Facebook and Instagram users to show their NFTs on their social media profiles.

If the company is able to successfully do so, this would substantially increase awareness of the NFT marketplace due to the size of the audiences that both Facebook and Instagram are able to reach.

As expected, many NFT enthusiasts are very excited about the news as it would combine social media and NFTs in a seamless way that helps demonstrate many practical uses of NFTs.

As of right now, however, the company is still in the very early stages of working on these projects and plans could potentially change in the future as the work evolves.

There are some reports from insiders that indicate that Meta might also have an initiative to launch it’s own NFT marketplace which would compete directly with the likes of OpenSea and other major NFT marketplaces that exist today.

zdNet.com reports:

Two of those same sources also claim Meta is planning its own marketplace for buying, selling, and trading NFTs.

If true, this would place the company in direct competition with existing NFT trading outlets like OpenSea, which, as FT noted, just completed a $300 million investment round at a $13 billion valuation.

This news follows earlier public comments from Instagram lead Adam Mosseri in which he hinted that his company was exploring the idea of integrating NFTs into its platform as well.

FT’s sources said internal testing on the photo-focused social network’s NFT plans has already begun as well.

This move to combine the use of NFTs with the company’s existing social media platforms seems to indicate that this is part of a longer strategic vision that the company has.

Recently last year, the company had rebranded it’s name from Facebook to Meta to confirm the company’s aspirations to be a leader in the virtual world called the metaverse.

The metaverse will essentially connect physical experiences to online social experience in a virtual world that provides access to NFTs and utilizes blockchain technologies like crypto.

How far the company plans to take this integration of NFTs is currently unknown, but this is far from the first attempt in the space by the company.

TheVerge explains:

Instagram chief Adam Mosseri said last December that the company is “actively exploring NFTs and how we can make them more accessible to a wider audience,” while last October Meta CEO Mark Zuckerberg spoke about how the metaverse will need to support “ownership of digital goods or NFTs.”

NFTs, or non-fungible tokens, have been gaining support with other established web platforms in recent months.

Twitter is working on ways to showcase such blockchain-supported items, while Reddit launched its own collection of NFT avatars for users.

Although NFTs are much derided for their speculative value (prices rise and fall with shocking speed) and lack of security (they’re frequently stolen despite claims by some that they guarantee ownership), these assets will become more significant if existing tech giants choose to support them.

If more and more tech giants like Meta start embracing NFTs and start enforcing ownership rights, it is possible that they will become very valuable assets in the future.

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