Multinational tech conglomerate Meta is reportedly dipping into nonfungible tokens (NFTs) by incorporating a feature that will let users show off their NFTs on their Facebook and Instagram profiles. The report states that Meta works on prototypes that permit users to mint collectible tokens.
Meta also wants to potentially launch a marketplace that allows the buying and selling of NFTs. Nevertheless, while the news may inspire millions of NFT enthusiasts who use social media, all projects are within the earliest stages and may vary accordingly.
The discussions follow a push to onboard more staff to assist with Meta’s projects. On January 12, Meta initiated a push to hire more employees and got about one hundred people to jump ship from Microsoft. Meanwhile, to bypass staff from ditching them for Meta, Apple presented bonuses from $50,000 to $180,000 along with stock options.
Facebook Rebranding Beyond Social Media
Formerly known as Facebook, Meta’s major rebranding emphasizes initiatives beyond social media. Last year, the company revealed its plans to build a metaverse that connects physical experiences to online social experiences. The company also published previews of haptic gloves that may be rolled out for use in its future metaverse.
Potential gains in the NFT world are becoming very hard to overlook. Firms even predict that traditional brands will dive into the NFT space and study how to earn within the market.
Recently, leading NFT marketplace, Opensea exceeded $3.5 billion in monthly transaction volume. This suggests that over $169 million are spent each day in NFT trading just within the platform. As stated by NFT sales tracking statistics, the NFT market has had a total of $25 billion in all-time sales so far.
