Meta will support digital art creators by introducing monetisation for their collectibles
Social media giant Meta plans to take advantage of the growing hype in the NFTs industry, according to recent reports. NFTs burst into the scene last year, ballooning to surpass a figure of $40 billion in trades as of the end of 2021.
A Thursday report from the Financial Times detailed that 'several people familiar with the matter' have suggested that Facebook and Instagram are eyeing NFT integration with talks of an NFT marketplace also in the air.
It is worth noting that following the transformation of Facebook into Meta, CEO Mark Zuckerberg indicated that his company would explore the idea of bringing NFTs into the Meta universe.
A 'space' for creators to exhibit their work
Should the company successfully complete this supposed project, the user community would be able to flaunt NFTs on their social media profiles. Meta will also provide an avenue for creators to showcase and trade their digital art easily through the project.
The report further explained that the tech firm intends to create a prototype to mint NFT tokens. Zuckerberg previously hinted that NFTs could be used to create digital goods mooted for use in his Meta's proposed Metaverse. Equally, Instagram CEO Adam Mosseri has previously implied that the social media platform could be used to develop NFTs.
"Nothing to announce yet, but we are definitely actively exploring NFTs and how we can make them more accessible to a wider audience. I think it's an interesting place where we can play, and also a way to hopefully help creators," Mosseri posted on an Instagram story.
The NFT industry is not slowing down
The possible entry of an institution the size of Meta into the world of NFTs is an indication that the better-than-2021 year which spectators and analysts predicted is sure on the course. This is backed by market data showing how strongly the year has started for the sector.
With many still looking to get a taste, the NFT industry could well beat its projected $800 billion market value by 2024. The entry of Meta into this space is likely to add credibility to the trade, albeit NFTs have been disparaged over their security of value lately, more so because of right clickers' claims.
The news comes at the back of an onslaught on Meta over privacy issues with exposés that saw its popularity dip. Incorporating NFTs may, on the other hand, be an attempt by the company to regain public confidence.
Meta's move adds to Twitter's latest initiative – adding support for NFT profile picture verification.