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Crypto News: Facebook and Instagram to Allow Users to Create NFTs: Report

Citing unnamed sources, the FT reported that the social media company is preparing a feature that will let users mint and sell NFTs; Meta and Instagram users would also be able to display their NFT collections on their social media profiles.

Two sources also indicated that an NFT marketplace akin to OpenSea was also in the works. Meta, formerly Facebook, acquired Instagram in April 2012 for $1 billion.

Facebook and Instagram, the subsidiaries of tech giant Meta, are on track to allow their users to create their own non-fungible tokens, the Financial Times reports.

NFT owners will be able to show off their precious art pieces as profile images. Twitter announced a similar option last September.

On top of that, Mark Zuckerberg's company is also working on its own NFT marketplace that will make it possible to buy and sell collectibles. Meta will have to compete with cryptocurrency-native companies such as OpenSea and Coinbase.

It should be noted that Meta's NFT efforts are still in their infancy, meaning that the above-mentioned features are unlikely to launch anytime soon.

Facebook's move into NFTs is all but expected. The company effectively went all-in on its "Metaverse" plans by rebranding to Meta and changing its logo to that of the infinity loop in early November.

The tech giant's metaverse ambitions were mostly met with mostly standoffish comments, with many cryptocurrency proponents arguing that they are likely to undermine decentralization.

Sci-fi writer Neal Stephenson, who predicted the Metaverse and coined the term in the 1992 novel "Snowcrash," clarified that he had nothing to do with Facebook's rebrand. The Matrix trilogy superstar Keanu Reeves stressed that the concept was not invented by the tech giant in a December interview with Variety.

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