Meta plans to allow users to mint and trade NFTs on its social platforms

Meta, Facebook’s parent company, is reportedly working on plans to allow users to create and sell NFTs on the social platform, as it seeks to join the race of companies trying to capitalize on the digital collectibles within its planned metaverse. The social media group is hurry to enter the hot $40 billion NFT market.

The Financial Times reported the news, citing “several people familiar with the matter.” The report comes after Meta recently said that its upcoming metaverse product will support NFTs. Last month, Instagram CEO Adam Mosseri also said that the company is looking at ways to bring NFTs to a broader audience via its app.

According to the FT report, teams at Facebook and Instagram are looking at NFT integration, with Meta currently discussing the possible launch of an NFT marketplace. Meta’s digital currency wallet Novi is also reportedly a key component in its push into NFTs. However, the companies’ plans are said to be at an early stage and could change.

All of the efforts are at an early stage and could yet change. But the discussions mark Meta’s first efforts to cash in on the hype-fuelled world of NFTs, the popularity of which surged last year to become a global market worth $40 billion.

Dominant NFT marketplace OpenSea, which takes a 2.5% cut of any sale, this month raised $300 million at a $13 billion valuation — just six months after raising $100 million at a $1.5 billion valuation. Major US cryptocurrency exchange Coinbase is launching its own marketplace. Meta rival Twitter is testing NFT showcasing capabilities, while Reddit has launched its own collection of NFT avatars.

Meta’s plans will also help artists monetize their digital art when money has poured in particular into sales of expensive limited collections of NFTs, such as CryptoPunks and Bored Ape Yacht Club. Buyers of these exclusive collections typically post their pieces as their Twitter profile pictures as a way of signaling their stature online.

As reported before, American retail chain Walmart is reportedly preparing to enter the metaverse by creating its own NFT collections and cryptocurrency. This information is based on several trademarks filed by the retail giant with the United States Patent and Trademark Office.