Meta Reportedly Working on NFT Integration for Facebook and Instagram
- “Several people familiar with the matter” have said that teams from Facebook and Instagram were working on the new NFT system.
- The sources also revealed that Meta was considering the launch of a brand new NFT marketplace.
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The parent company of Facebook, Meta, is preparing to enter the non-fungible token (NFT) space by allowing users to create and display NFTs on their profiles, the Financial Times reported on 20 January.
The publication cited “several people familiar with the matter”, who said that teams from both Facebook and Instagram were working on a prototype system that will allow users to create their own NFTs, and then display them on their profiles. The sources also said that Meta was discussing the launch of an NFT marketplace, enabling users to buy and sell digital art.
The Financial Times’ sources also said that Meta’s digital wallet, Novi, will play a key role in the company’s push into the NFT space. While all these news might be exciting to NFT enthusiasts, the sources said these plans were still in early stage, and could change at any moment.
The news came only a couple of months after Facebook rebranded itself to Meta, and revealed that its upcoming metaverse project will support NFTs, during its annual Facebook Connect live event. The CEO of Instagram, Adam Mosseri, said last month that the company was looking into ways to use its platform to bring NFTs to a wider audience.
Meta’s attempts to enter the NFT space is not surprising at all, considering the amount of money that is flooding in to the NFT market as of late. According to data from Dune Analytics, leading NFT marketplace OpenSea has already reached a new all-time high monthly trading volume, and surpassed a record $4 billion this month.
- Users of Binance NFT can now use select blue-chip NFT collections as collateral to take out cryptocurrency loans.
- The platform will initially support only loans in ETH, and NFT collections Bored Ape Yacht Club, Mutant Ape Yacht Club, Azuki, and Doodles.
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- The Binance NFT marketplace said it will soon expand its multichain ecosystem, and add support for Bitcoin Ordinals, which are also known as Bitcoin NFTs.
- The platform said it will allow users to purchase and trade Ordinals directly from their Binance accounts, bypassing the need to create a separate inscription wallet.
- Sui Network was developed by Mysten Labs, which was founded by ex-Meta employees, using the Rust-based Move programming language.
- Unlike other blockchains that use proof-of-work and proof-of-stake consensus mechanisms, Sui relies on delegated proof-of-stake that allows users to elect and vote for delegates.