Meta, owner of Facebook and Instagram, is reportedly about to dive into the business of digital collectibles, NFTs.
Meta’s plans with NFTs
This was revealed by the Financial Times, according to which the company is experimenting with the use of NFT technology, probably to release some specific functionality related to non-fungible tokens in the future.
The experimentation is still at an early stage, and the company’s plan could still change in the future.
The Financial Times cites anonymous sources familiar with the matter, according to which Meta and Instagram would be considering the launch of a proprietary platform for buying and selling NFTs.
It is worth noting that the company, which recently changed its name from Facebook to Meta, is now primarily engaged in the development of its own metaverse, within which digital collectibles could play a significant role. It is also still working on its stablecoin project, Diem, which has yet to hit the market.
In a hypothetical metaverse of Meta, NFTs and stablecoins could play a fundamental role, being at the base of the internal market that the metaverse will inevitably have.
In fact, behind the Diem stablecoin project, there is the Novi wallet, which according to Financial Times rumors could in the future also support NFT custody features.
Instagram interested in NFTs
Moreover, Instagram CEO Adam Mosseri explicitly said during an AMA session that the Instagram company wants to make NFTs more accessible, to a wider audience, clearly revealing the company’s intentions in this regard.
In fact, it has been known since May 2021 that Instagram is interested in NFTs, particularly regarding the possibility of using them for digital artistic works.
An ever-expanding market
In this regard, the well-known digital artist Beeple, author of the most commercially valuable artistic NFT ever, today shared on Twitter what seems to be his new work, APOCALYPTIC SPHERES IN LOVE.
APOCALYPTIC SPHERES IN LOVE pic.twitter.com/tMw6qNQUzc
— beeple (@beeple) January 21, 2022
In fact, he has been posting images of new digital works on his Twitter profile for a few days, including BLANK CANVAS, SLOW DEATH and SELF-INFLICTED 2.
The NFT market continues to thrive, despite the obvious decline in crypto markets, probably thanks to digital art production and digital collectibles.