Meta is reportedly in the early stages of attempting to break into the NFT world of digital collectibles.
A new report from The Financial Times claims Meta is developing ways to create, display, and sell NFTs on Facebook and Instagram. The company’s Novi wallet technology would power much of the “supporting functionality,” one tipster said.
Instagram is reportedly testing a way to showcase NFTs, while Meta is also said to be discussing a marketplace that would help you buy or sell the digital collectibles.
The plans, which have yet to be confirmed, are likely to involve a new feature that would let users display NFTs they own on their Facebook and Instagram profiles.
Potential earnings in the NFT world are becoming very hard to ignore. Firms even predict that traditional brands will dive into the NFT space and explore how to earn within the market.
According to two sources, the plans also involve a marketplace for trading NFTs among users, as Meta seeks to challenge the massive dominance NFT marketplace OpenSea has in the space. Among other things, OpenSea has been criticized by the community for its 2.5 percent commission fee on trades and a high degree of centralization.
Just recently, Opensea surpassed $3.5 billion USD in monthly transaction volume. This means that over $169 million USD are being spent each day in NFT trading just within the platform. According to NFT sales tracking statistics, the NFT market has had a total of $25 billion USD in all-time sales.