Meta Platforms Exploring NFT Functionalities for Facebook and IG

January 20, 2022

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Tech giant and emerging metaverse pioneer, Meta Platforms Inc is reportedly exploring Non-Fungible Token (NFT) functionalities for its Facebook and Instagram (IG) platforms. The report, first published by the Financial Times has not been officially confirmed by the company, despite citing several sources familiar with the development.

As pointed out by two of the sources, the NFT plans involve the launch of a marketplace as the company will explore avenues to bring the needed competition to OpenSea, the outfit that has maintained undisputed dominance in the NFT trading scene in the past few years. The Financial Times’ sources said the company’s plans are still in the early phases, and that things may change along the line. The report follows from an earlier registered comment by Instagram’s boss who said the company is exploring NFTs.

One of the sources said Instagram’s NFT project was initially spearheaded by David Marcus, the head of Facebook’s Libra/Diem stablecoin project, and Kristin George, director of product and creators at Instagram. Stephane Kasriel, the former Chief Executive Officer of freelancing platform Upwork has since taken up the role of David Marcus in the project now after the former Facebook veteran exited the company.

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According to one of the quoted sources, Meta’s own digital wallet Novi which has been tested on Whatsapp is likely to be an important part of the company’s NFT plans, with one person noting that “a lot of the supporting functionality relating to Novi will be powering the NFTs.”

Enough Room for Innovation

The push by Meta into the NFT world will be a sequel to its planned move to be a major player in the metaverse. With enough room for innovation and growth, the ability for users on Facebook and Instagram to display, mint, and trade NFTs will be one good way to test out the capabilities of its metaverse agenda.

Meta went on the offensive earlier by hiring new staff, about 100 of whom switched to the company from Microsoft. With more hands in place, Meta can now ignite its roadmap on full speed in a bid to work out the modalities for its products, offerings, and monetization prospects.

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With huge funds at the company’s beck and call, Meta’s NFT and Metaverse challenge will hinge on finding the right innovation and creativity to bring. Moreover, with the right incentive, this itself will not be an issue as the acquisition of metaverse-focused startups can be one of the company’s primary approaches.