Meta and Instagram Are Exploring an ‘Early Stage’ NFT Feature – Bitcoin News

Unknown sources have told the Financial Times that Meta Platforms, Inc., formerly Facebook, Inc., has been experimenting with NFT technology. Allegedly, Meta is “readying” an NFT feature but it is “at an early stage and could yet change.”

According to reports, Instagram and Meta are using NFT Tech.

A report stemming from the financial news outlet FT says that Meta and the firm’s subsidiary Instagram are currently exploring NFT technology. FT quotes unnamed sources familiar with the matter, that claim Meta and Instagram are conversing about “launching a marketplace for users to buy and sell NFTs.” However, there has been no official word about leveraging NFT tech from the American multinational technology conglomerate based in Menlo Park.

The sources said both companies have been “readying” an NFT feature, but the concepts could change over time. Meta owns Oculus (virtual reality) company and has tried to be the leader in metaverse trends. Meta still hasn’t mentioned any plans to leverage NFT technology in the future. Instagram however has suggested that NFTs could be used by the platform.

Instagram’s NFT Hints, Report Claims Meta’s Novi Wallet Could Support NFT Functionality

During an ask-me-anything (AMA) session on Instagram, Adam Mosseri, the company’s CEO, said Instagram wants to make NFTs “more accessible to a wider audience.” Last May, Instagram hosted its first annual “Creator Week,” which showcasedNon-fungible tokens, NFT artists and non-fungible tokens Alessandro Paluzzi was the software developer who created Instagram Creator Week. shared screenshots of Instagram’s alleged plans to incorporate NFTs last June.

Further information from Paluzzi sharedInstagram may be developing an NFT platform with a rumored NFT-related feature. While Instagram has been reportedly dipping its toes into the world of NFTs, Meta has been quietly rolling out the company’s crypto wallet Novi, and recently revealed a limited rollout for select users. FT’s report further notes that the Novi wallet could feature an NFT “supporting functionality,” according to one of the unnamed sources.

This story contains tags
Blockchain, Facebook, financial times, FT, Inc., Instagram Meta, Instagram NFT, Mark Zuckerberg, Meta, Meta Facebook, Meta NFT, Meta NFT Tech, Meta Platforms, nft, NFT Feature, NFT Instagram, NFT support, NFTs, NFTs Meta, Non-fungible Token, novi, report

Do you agree with the claims made by unnamed sources that Meta and Instagram have an NFT function in development? Comment below and let us know how you feel about the subject.

Jamie Redman

Jamie Redman is the News Lead for News. He also lives in Florida and works as a journalist covering financial technology. Redman joined the cryptocurrency community in 2011 and has been an active member ever since. Redman is passionate about Bitcoin and open-source codes. Redman has contributed more than 5,000 articles to News since September 2015. These articles are about disruptive protocols that are emerging.

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