Facebook and Instagram Let Their Users Create NFTs

Meta, the parent company of Facebook, Instagram, and WhatsApp is on the track to get into the non-fungible tokens (NFTs) space

Facebook and Instagram joining NFT
Facebook and Instagram | Image: Optimisus

The Financial Times reports noted that Facebook and Instagram, the subsidiaries of Meta, are on the track to dive into NFTs and let their users create their NFTs.

In addition, the reports stresses that NFT owners could show off their crazy digital art pieces as their profile images. For instance, Twitter also announced the same option in September.

Aside from this, Meta is also working on its own NFT marketplace where users could buy and sell digital artworks. However, the firm will have to do better than giant NFT marketplaces such as OpenSea and Coinbase.

Recently, OpenSea hit a valuation of $13.3 billion after a huge growth in 2021. Besides, it looks like everyone is interested in the market whose value has now surged to $40 billion.

Meanwhile, Coinbase's yet-to-be-launched marketplace is considered as the largest competitor of OpenSea, but it also has to compete with Rarible, FTX NFTs, and other NFT platforms.

Additionally, Facebook's move into digital artworks space is all but expected. Meta went all-in on its metaverse plans by rebranding to Meta, which refers to the word "meta universe" itself.