Meta plans to let users create and sell NFTs, says report

Meta is reportedly planning to let users create, showcase, and sell non-fungible tokens (NFTs) as it seeks to join companies trying to capitalize on the digital collectible trend.

As mentioned NFT stands for Non-Fungible Token. The term fungible refers to the interchangeability of tokens with equal value. NFTs were created to represent ownership over digital or physical assets in a wide range of unique tangible and intangible items—ranging from collectible Pokemon cards to virtual real estate or even paintings.

According to a report from Financial Times (FT), teams at Facebook and Instagram are “readying” a feature that will allow users to display their NFTs on their profiles, as well as working on a prototype to help users create the collectible tokens. FT mentioned that this is according to several people familiar with the matter.

The report also says that Meta has also discussed launching a marketplace for users to buy and sell NFTs. However, FT also noted that Meta declined to comment about the matter.

To recap, last October 2021, Meta CEO Mark Zuckerberg said that the company would support crypto and NFT projects in the community with new forms of governance.

Stay tuned to our page for more updates.

Source: Financial Times