Meta and Instagram are exploring an “early stage” NFT feature
By Admin
Inc Magazine reports that the meta-platform, formerly known as Facebook, is experimenting with non-fungible token (NFT) technology, according to unidentified sources who spoke to the Financial Times (FT). Meta is allegedly “preparing” for an NFT feature but it is “at an early stage and could change yet.”
Meta and Instagram reportedly testing NFT technology A report from financial news outlet FT says that Meta and the company's Instagram subsidiary are currently exploring NFT technology. The Financial Times cited unnamed sources familiar with the matter, who claim that Meta and Instagram are talking about “launching a marketplace for users to buy and sell NFTs.” However, there has been no official word about leveraging NFT technology from the Menlo Park-based American multinational technology group. The two companies were “preparing” the NFT feature, but concepts may change over time, the sources said.
Meta has been at the forefront of trying to be a leader in the metaverse and owns the virtual reality (VR) company Oculus. Meta didn't mention anything about leveraging NFT technology moving forward. However, Instagram has been hinting at the use of NFTs on the social media platform.
Hints at Instagram's NFT, report claims Meta's Novi Wallet could support NFT functionality During an Ask Me Anything (AMA) session on Instagram, Adam Mosseri, the company's CEO, said Instagram wants to make NFTs "more accessible to a broader audience." Last May, Instagram hosted its first annual “Creators Week,” which showcased non-fungible tokens and NFT artists. Not long after Instagram's first week for creators, developer Alessandro Paluzzi shared screenshots of Instagram's alleged plans to incorporate NFTs last June. Paluzzi also shared an alleged NFT feature that suggests Instagram may be building a market for NFTs.
While Instagram has reportedly been dipping its toes into the world of NFTs, Meta has been quietly rolling out the company's Novi crypto wallet, recently revealing a limited rollout to select users. The FT report also notes that the Novi Wallet could feature an NFT “support function,” according to one of the unnamed sources. Source
DROPIDEA
We hope this article has added real value to you. At DROPIDEA, we always strive to deliver high-quality content that helps you grow and evolve in the digital space. Follow us for more useful articles and guides.
Admin
DROPIDEA
Latest Articles
“Nofollow” tag: What it is, how and where it is used, “Infographics”
ASUS ROG Flow Z13 (2025) available: Everything you could dream of in a gaming tablet.
The best 5 sites to download safe computer programs without malware!
Create a forum on WordPress using the bbPress plugin step by step
