Facebook, Instagram explore NFT integration, marketplace: report

Facebook operator Meta and Instagram are exploring plans that would allow non-fungible tokens (NFTs) to be used as profile pictures, according to a report.

Fast facts

• The plans include the showcasing, minting and selling of NFTs, several insiders told Financial Times.
• Meta staff members are also reportedly discussing the launch of a marketplace to buy and sell NFTs, similar to OpenSea, which saw a 646% surge in trading volume in 2021.
• The new features could help users monetize their digital art and join a booming NFT market that saw over $23 billion in trading volume in 2021.
• Other tech giants have plans for NFT integration, including U.S. cryptocurrency exchange Coinbase, which expects to launch an NFT marketplace this year, and Meta rival Twitter, which is testing ways for users to showcase NFT collections.
• Facebook’s digital currency wallet Novi, which launched in October, is expected to be integral to the plans.