By Samuel Indyk
Investing.com – Meta (NASDAQ:FB) is reportedly working on a plan that would allow users to create and sell non-fungible tokens (NFTs), according to a new report in the Financial Times.
The FT said that teams at two of its social media platforms, Facebook and Instagram, were readying a feature that would allow users to display their NFTs on social media profiles, as well as working on a prototype to help users create their own collectible tokens.
NFT Popularity
The popularity of NFTs really took off in 2021. Last year, over $40 billion was spent on NFTs, compared to sub-billion-dollars in 2020.
The products went mainstream in March when the artist Beeple sold a digital picture for $69.3 million, the record price paid for an NFT.
The popularity of the digital collectibles grew, and organisations from the NBA to Budweiser have released collections.
Some of the other popular collections amongst investors include CryptoPunks and Bored Ape Yacht Club, which has recently partnered with Adidas (DE:ADSGN) for an NFT collection.
Previous NFT Rumours
Last month, Instagram chief Adam Mosseri said that the social media platform was “actively exploring” entry into the NFT industry.
“Nothing to announce yet but we are definitely actively exploring NFTs and how we can make them more accessible to a wider audience,” Mosseri said on his own Instagram account in December.
The FT reported that Instagram is now internally testing its NFT showcasing feature, citing two people with knowledge of the plans.