Meta aims to join the NFT space, plans to create Marketplace are in Discussion

With its expansion into the metaverse Facebook, now known as Meta, will allow users to create and sell NFTs on their profiles. According to several sources in Meta, the company plans to launch a marketplace for users to trade these tokens.

While these efforts are still in their early stages, there have been discussions for this project as NFTs have taken the world by storm over the past years.

The move follows the sentiments of Mark Zuckerberg as he claims that NFTs could be wielded to support a market for digital goods. Recently, however, Zuckerberg’s company has faced significant declines in popularity as accusations regarding user privacy continue to surface.

Meta’s project aims to help artists monetize their digital art as buyers are keen to showcase their tokens on social media. Adam Mosseri, the head of Instagram, shared that the company was “actively exploring NFTs” last December. He however declined to share any specific details.

The Instagram NFT project was initially headed by Kristin George, IG director of product and creators, and David Marcus, former head of Facebook’s payments and crypto arm. Recently, Marcus has been replaced by Stephane Kasriel, the former chief executive of Upwork.

It is likely that Facebook’s digital wallet Novi, which launched last October, will be vital to the project. Some Meta employees have spoken on the matter stating that “A lot of the supporting functionality relating to Novi will be powering the NFTs.”

Source: Financial Times, Tech Crunch