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Meta Experimenting With NFT Marketplace on Instagram: Report

decrypt.co 20 January 2022 12:57, UTC
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Meta, formerly Facebook, has new plans to enter the fast-growing non-fungible token (NFT) market, according to the Financial Times.

Citing unnamed sources, the FT reported that the social media company is preparing a feature that will let users mint and sell NFTs; Meta and Instagram users would also be able to display their NFT collections on their social media profiles. Two sources also indicated that an NFT marketplace akin to OpenSea was also in the works.

Meta, formerly Facebook, acquired Instagram in April 2012 for $1 billion.

In December, Instagram's CEO, Adam Mosseri, said that the firm is "actively exploring NFTs and how we can make them more accessible to a wider audience."

It is still unclear which blockchain network these features would be built on.

This story is breaking. Check back for updates. 

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