Meta, formerly known as Facebook, is reportedly planning to own a stake in the booming NFT market by creating new features that allow users to create and sell NFTs.
According to anonymous sources that spoke to Financial Times, the users of Facebook and Instagram would be able to display their NFTs on their social media profiles once the feature is introduced. In addition, user will also have the ability to mint their collectible tokens.
The sources also disclosed that Novi, Facebook’s digital currency wallet, launched in October last year, will play a key role in the new NFT initiative.
“A lot of the supporting functionality relating to Novi will be powering the NFTs,” one of the anonymous sources said.
In the last 24 hours, bitcoin has been up by 0.50%, with a current price of $42,354 as of the time of writing this. Within 24 hours, bitcoin dropped to $41,569.38 low and $42,563.50 high. The trading volume of bitcoin in the last 24 hours is $779.30M. The current market capitalization of bitcoin is $801.82B. Currently, $18.93M bitcoins are in circulation.
Stats and Image from Coin Desk
Meta, seems to be motivated by the move of rival social platform Twitter, which showcased its progress towards integrating NFT features into its platform.
The NFT craze that started last year might not be stopping any time soon as more companies are adopting it and introducing it to their customers. For example, American Movie theater chain AMC gifted more than 580,000 of its shareholders its exclusive “I Own AMC” NFTs.