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Facebook and Instagram about to create a marketplace for NFTs?

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The NFT industry is in great shape. In the idea of taking a step closer to the metaverse, Meta could launch its marketplace to allow Facebook and Instagram users to create, sell and buy NFTs.

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Meta, the parent company of Facebook and Instagram, is about to enter the NFT market. A logical strategy for the group’s social networks and one more step towards the metaverse. According to the Financial Times, Mark Zuckerberg’s group intends to allow Facebook and Instagram users to create, buy and sell NFTs.

Will it soon be possible to buy, sell and display NFTs on Facebook and Instagram?

Meta is therefore currently developing new features for its users. Using technologies from Novi, the group’s digital wallet, users may soon be able to buy and sell NFTs on Facebook and Instagram. NFTs, these cryptographic tokens to which a digital property certificate is attached on a blockchain, are of growing interest to technology companies and governments. China plans to develop the NFT industry, but without using cryptocurrencies.

These virtual objects are now an integral part of the economy, for the moment very speculative, of the metaverse. It is, therefore, no surprise that Meta, along with Facebook and Instagram, is eyeing this market. The American giant cannot dominate the metaverse without offering its marketplace for NFTs. A few weeks ago, Adam Mosseri, the boss of Instagram was going precisely in this direction. He assured me that his social network was just “actively exploring” the NFT market. Instagram could serve as a “virtual gallery” for NFTs.

Meta will not miss the potential of this market

Even if the company refuses for the moment to give the slightest detail, the subject is in the boxes at Meta, there is no longer any doubt. This project, which is probably not at a very advanced stage, aims to provide social network users with a virtual platform to sell, display or buy unique digital goods (NFTs).

Meta advances its pawns if NFTs turn out to be more than a fleeting trend, and there is reason to think so… This very promising market has grown from 1 to 40 billion dollars in 2021. Development prospects are great and the American giant does not intend to be left behind. In January 2022, NFT’s first trading platform, OpenSea, raised $300 million. By the way, OpenSea has just recruited the former VP of Commerce of Meta, Shiva Rajaraman.

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