A marketplace for NFTs soon on Instagram and Facebook?
While NFTs are all the talk, companies want to participate in this opportunity as soon as possible. This is what Instagram and Facebook are doing on their social networks by creating their own marketplace.
NFTs: the hot topic of the moment
Before we talk about Facebook and Instagram's marketplace, let's start by explaining NFTs for those who are late to the party. An NFT, Non Fungible Token, is a unique and virtual content. That is, there is only one or a few copies in the world. The holder of an NFT has a certificate to prove that he is the owner of the Non Fungible Token. It should also be noted that these tokens can be an image as well as a video or music and that they can be bought and sold in crypto-currency.
In order to develop its metaverse, the Meta group is investing heavily in several projects. As NFTs are only virtual, it is logical that the Meta group is very interested in its development and jumps into this universe. Thus, according to The Financial TimesFacebook and Instagram are reportedly developing a marketplace for NFTs.
A platform to create, sell and buy NFTs
To make this marketplace possible, Meta is working on a new feature for users of the social networks Instagram and Facebook. For this, the Meta group will use Novi, the group's digital wallet for crypto-currencies, to create, sell and buy NFTs.
Non Fungible Tokens are now part of the global economy but remain for the moment very speculative and some countries are even thinking of developing the NFT industry. This is the case of China which wants to integrate them into the Chinese market but without using crypto-currencies to buy them.
The Meta group is therefore logically obliged to join the NFT adventure if it wants to dominate the world of metavers in the future. This is why Adam Mosseri, the head of Instagram, announced a few weeks ago that the social network was working on a potential virtual gallery for NFTs.
One step closer to the metaverse
By changing its name, the Meta group wants to develop the world's first and largest metaverse. A metaverse is a virtual and connected universe accessible through a virtual reality headset. It is similar to a world where all elements are in 2D or 3D and each person will have their own avatar and other virtual objects. This is why NFTs are an important element for metavers as it will allow users to buy items for their avatar.
For the moment, no details on this project have been officially announced by the Meta group but it leaves no doubt that the NFT market is an opportunity for Facebook and Instagram.
Although this virtual industry is still unstable and perhaps short-lived (or not), it can become an important part of a metaverse. Given that the NFT market has grown from $1 billion to $4 billion, the Meta group cannot miss this opening and risk slowing down the development of their metaverse.
Although this marketplace does not yet exist, it is possible to communicate about your NFTs on social networks. Get in touch with the Filter Maker experts to find out more!