Meta, a multinational tech conglomerate, is reportedly diving into nonfungible tokens (NFTs) by linking a feature that will enable the users to show off their NFTs on their Facebook and Instagram profiles. The company allegedly plans to integrate these components to enable social media users to display their NFTs on their social accounts.
Based on the official report, Meta is now working on prototypes that will enable the users to mint a variety of collectible tokens. The company is also discussing the possibility of launching a marketplace that supports selling and buying NFTs. Nonetheless, while the news might excite millions of NFT enthusiasts that use social media, all of the projects are found within the early stages and might eventually change accordingly.
The discussions come after a push to onboard more staff to help in the development of Meta’s projects. On January 12, Meta introduced a push to hire more employees and got nearly one hundred people to shift from Microsoft. In the meantime, to avoid staff from ditching them for Meta, Apple offered from $50,000 to $180,000 together with stock options.
Previously known as Facebook, Meta’s biggest rebranding enables the firm to focus on different initiatives beyond social media. In 2021, the firm said that it wants to develop a metaverse that connects a variety of physical experiences to different online social experiences. The firm also published previews of haptic gloves that might be rolled out for use in future metaverses.
Possible earnings in the nonfungible token world are becoming quite hard to ignore. Companies even projected that the traditional brands will invest in the NFT market and explore how to earn within the market.
Just recently, leading NFT marketplace OpenSea exceeded $3.5 billion in monthly transaction volume. It means that more than $169 million are getting spent every day in NFT trading just within the platform. Based on NFT sales tracking statistics, the NFT market has had a cumulative $25 billion in all-time sales so far.
