The Financial Times also reports that the tech giant has engaged in discussions on whether to build a marketplace where NFTs could be traded.
Got an NFT avatar? You might soon be able to proudly display it as your profile picture on Facebook and Instagram.
The newspaper also reports that the tech giant has engaged in discussions on whether to build a marketplace where NFTs could be traded, something that could prove calamitous for OpenSea, the current industry leader.
All of this comes months after Facebook announced it was rebranding to Meta, reflecting Mark Zuckerberg's renewed focus on the metaverse. The FT stressed that all of the plans surrounding NFTs are fluid and subject to change.
Facebook and Instagram alike have been cash cows — generating billions of dollars in advertising. But the arrival of newer social networks and the dwindling popularity of both platforms are prompting Meta to seek new revenue streams.
With OpenSea's monthly trading volumes breaking records — even though we're only halfway through January — NFTs could be a logical next step. Nonetheless, fears remain that the world of digital art is a huge bubble that's primed to burst. Bustling trading has continued unabated despite a skump in the crypto markets.
What About Novi?
Meta has hit brick wall after brick wall as it tries to launch its very own digital currency.
Diem has faced a staunch pushback from regulators, and this in turn has had a knock-on effect on plans to launch the Novi digital wallet.
Trials of Novi have now begun in parts of the U.S. and Guatemala, and for a limited number of users, the wallet is also being integrated into cashback. However, the project has had to rely on the Pax Dollar — a stablecoin issued by Paxos — as it tries to get the green light from authorities.
Developing this infrastructure further could prove crucial if NFTs are going to become a part of Meta's ecosystem.