Industry sources that Meta is exploring ways to let users create and trade NFTs using its Novi wallet.
According to a recent Financial Times article, Meta is developing the technology to provide ways to create, display and sell NFTs on Facebook and Instagram.
Suppose Meta ends up rolling out the tech. In that case, mainstream users will be able to access a widely available and user-friendly way of creating NFTs and buying and selling them on what may end up as a Meta-owned NFT marketplace powered by the Novi wallet.
Related | Associated Press Set To Launch New NFT Photography Marketplace
According to an internal tipster, Instagram is already testing a way to showcase NFTs, while Meta is looking into creating a marketplace where users could buy and/or sell digital collectibles.
However, sources point out that the effort is still in its early stages and that everything may change before an official announcement emerges.
The closest official hint to the project might well be Head of Instagram, Adam Mosseri’s video post last month, in which he shares that the platform was “actively exploring NFTs and how we can make them more accessible to a broader audience.”
https://twitter.com/alex193a/status/1472047221017354244?s=20
Meta’s support for the technology would provide legitimacy and much broader access to NFTs for mainstream users globally. In addition, it may leverage its gigantic pool of users to take power away from existing marketplaces and into its own hands.
At present, developing, minting, and trading NFTs is not at the disposal of average users. The setup of wallets such as MetaMask is still far from seamless, and understanding which NFT to buy and how (let alone what an NFT is in the first place) is still far-fetched for most people outside the industry.
Photo by Pawel Czerwinski on Unsplash
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