Based on the latest report from Financial Times, Meta plans to add support for non-fungible tokens (NFTs) to its social media platforms, Facebook and Instagram. Meta is looking forward to capitalizing on the NFT craze by merging the marketplace with these two platforms.
NFT as a Profile Photo
What’s more, Meta plans to offer its users an option to set an NFT as a profile picture. This announcement came right after Meta’s competitor Twitter stated it wants to give NFT profile pics to iOS users.
David Marcus, head of the F2 group of Facebook, noted that considering the metaverse as a fully immersive digital space helps when designing products of the future. However, Marcus also stated that the platform would need new infrastructure and interoperability, based on what’s required in the metaverse.
In addition, Marcus believes that having smart contracts on top of the blockchain will be the transformation that the metaverse needs.
There are multiple business models around NFTs, especially if someone is an artist who wants to sell or store their art in this new digital form. However, these business models are impossible to manage with the current payment systems and without smart contracts.
Still, Meta has yet to make any public comment about its NFT marketplace within Facebook and Instagram.