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Meta wants to allow users to create and sell NFTs
According to a report in the Financial Times, Facebook and Instagram teams are working on a feature that will allow users to display their NFTs on their social media profiles and a prototype that will help users create digital collectibles. Two people familiar with the matter said Meta has also discussed launching a marketplace where users can buy and sell NFTs.The move comes after Meta chief executive Mark Zuckerberg said last year that NFTs could one day be used to support a market for digital goods in its planned Metaverse, a world of avatars that the company is investing $10 billion a year over the next decade to build. Instagram chief Adam Mosseri said that the company is "actively exploring NFTs" without providing specific details in December.
Will Meta compete with OpenSea?
Suppose Meta really wants to build an NFT marketplace. In that case, it will have to compete with the dominant NFT marketplace OpenSea, which raised $300 million this month at a valuation of $13 billion just six months after raising $100 million at a valuation of $1.5 billion. Major U.S. cryptocurrency exchange Coinbase is also launching its marketplace. Other crypto exchanges such as FTX, Kraken, and Bybit have also launched a platform where users can buy and sell NFTs.Meanwhile, non-fungible tokens are currently one of the hottest niches in the crypto industry with billions of dollars in trade volume. As demand for the asset class continues to surge, crypto firms are opting to launch their own NFT marketplaces where users can trade and mint digital collectibles.
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