Social media giant Facebook, which recently rebranded to Meta Platforms (NASDAQ:FB), plans to let users create and sell their own non-fungible tokens (NFTs).
What Happened: According to a Thursday report from Financial Times, teams at Facebook and Instagram are working on a feature that will allow users to display their NFTs on their social media profiles.
Another prototype in development will allow users to mint their own digital collectibles, the report said, citing people familiar with the matter.
FT's sources said Instagram is internally testing its NFT showcasing feature.
Why It Matters: Facebook’s rebrand to Meta comes in the wake of a number of companies competing to build the metaverse, with NFTs playing an important role.
A recent report from Bloomberg found that the NFT market surpassed $40 billion in 2021.
The opportunity within the sector has prompted several companies to launch NFT trading platforms. Major crypto exchange Coinbase Global Inc (NASDAQ:COIN) recently announced a partnership with Mastercard Inc (NYSE:MA) as its payments partner for an upcoming NFT marketplace.
Coinbase CEO Brian Armstrong has said that he expects Coinbase’s NFT business to be “bigger” than its crypto offerings, including Bitcoin (CRYPTO: BTC) and Dogecoin (CRYPTO: DOGE).
FB Price Action: Meta shares are down 5.6% year-to-date. As of Thursday morning, Meta was trading at a price of $319 per share.
