Key Takeaways
- Meta, the partent company of Facebook & Instagram, wants to integrate NFTs into its social media platforms
- Other social media giants like Twitter and Reddit have also taken keep interest in nonfungible tokens
YEREVAN (CoinChapter.com)- Nonfungible tokens, aka NFTs, could get the biggest endorsement soon.
Meta, the parent company of social media giants Facebook and Instagram, is preparing to take a plunge into nonfungible tokens. According to a report by Financial Times, Meta is currently working to bring NFT integration to its social media platforms. The new feature will allow users to display their NFTs on their social media profiles.
In addition, the company wants to float its marketplace where users can create and sell nonfungible tokens.
The markets will see any development by Meta in the sphere as the biggest support for the industry. Furthermore, the entry of Facebook and Instagram will undoubtedly cement the presence of nonfungible tokens in the digital world.
Last month, Instagram CEO Adam Mosseri revealed that the social media platform actively explores the NFT space. However, during an AMA session with fans on Instagram, Mosseri threw in hints without revealing any details.
“Nothing to announce yet but we are definitely actively exploring NFTs and how we can make them more accessible to a wider audience,”
he said.
In October last year, Facebook’s founder Mark Zuckerberg had also hinted at a possible move towards NFT during a discussion with Matthew Ball, a Managing Partner of EpyllionCo.
The company’s digital currency wallet Novi, which Facebook launched last October on a pilot program, could be central to future cryptocurrency payment programs of the social media conglomerate.
Recommended: Walmart to launch a cryptocurrency: Plans to enter the Metaverse with NFTs.
Big social media names catch up on NFTs
While the news of Facebook and Instagram joining the digital collectibles fray is exciting, they are not the only ones in the industry to dive into NFTs. Other big business names have joined the race to reap the benefits of the fast-growing industry.
Last September, Twitter’s Head of Consumer Product Marketing, Justin Taylor, shared a video revealing plans to integrate an NFT feature into display pictures on the platforms.
In a detailed video, Mada Aflak, a software engineer at Twitter, explains how the social media giant wants to allow users to connect their crypto wallets to their accounts to use one of their NFTs as their profile avatar.
In addition, Twitter will also display the network’s symbol on which the user minted their NFT, such as Ethereum, Polygon, etc.
Aflaks Twitter profile also claims she is “working on bringing crypto/NFT in Twitter.”
Besides Twitter, community-networking site Reddit also entered the space. The company has launched its NFT avatar collection, allowing users to stand out in the community. According to their official shop on OpenSea, the four available legendary avatars have fetched 465 ETH, approximately $1.5 million.
The increasing interest from social media giants comes after nonfungible tokens exploded in 2021. According to Chainanalysis, the NFT market reached a valuation of $41 billion last year.
With nonfungible tokens slowly making inroads into major social media platforms, nonfungible tokens have proven to be more than an alleged speculative bubble.
