Facebook and Instagram looking to integrate NFT: Report

In the wake of NFTs getting more popular in the crypto sector, Meta company is now reportedly venturing into the competition.

Financial Times reported that Facebook and Instagram are looking to capitalize on NFT increased popularity by merging a new marketplace onto its two giant social media platforms. 

The teams on both platforms are looking into features that will allow users to create their own NFTs and display them as profile photos, FT claims.

The Meta move on NFT shows the competition with Twitter allowing NFT profile pictures for iOS users.

gm!

You asked (a lot), so we made it. Now rolling out in Labs: NFT Profile Pictures on iOS pic.twitter.com/HFyspS4cQW

— Twitter Blue (@TwitterBlue) January 20, 2022

 David Marcus formal head of the F2 group at Facebook back then hinted at the NFT marketplace when he told Bloomberg in an interview that the company was "definitely looking at several ways" to get involved in the digital collectable space:

"Thinking about the metaverse as a fully digital environment is super helpful when you design products that need to be future-proof. When I look at what's going to be needed in the metaverse, it's the seamless movement of infrastructure, interoperability, because you'll want to have multiple wallets able to participate in a metaverse. 

"And I think having programmable money and having a smart contract on top of a purposefully built blockchain is going to be transformational for the metaverse. Because if you're a creator, if you're creating an NFT, you may want to rent your NFT or sell your NFT, you'll have to store your NFT. And you can think of all kinds of new business models around this that are not possible with the current payment infrastructure and without smart contracts."

However, it was learned that Meta has not yet made public comments on the potential NFT marketplace or it's a plan for Facebook and Instagram to integrate NFT, according to FT.

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