Meta, the parent company behind the Facebook social media, will look for ways to introduce NFT images to user profiles, reported FT citing company sources. Meta joins social media like Twitter in plans to add NFT display technology.
NFT avatars have been displayed informally on profiles, sometimes puzzling users as to what is the value of a highly visible public picture. But Facebook will go a step further, adding features to freely use NFT images as social media swag.
Sources also said Facebook may be working on its own NFT marketplace, as well as a minting tool to create new NFT-protected images. The outcome of those plans is uncertain, and Facebook is just taking an exploratory stance.
NFT Vilified for No Value, Climate Impact
Meta’s move is surprising, given the initial acceptance of NFT collections as meaningless at best and a climate hazard at worst.
But the estimation for NFT value reaches $40B and the usage of avatar images and insider clubs has the potential to add an extra dimension to social media. Facebook may grow a trend that has happened organically.
NFT projects also extend beyond images and into metaverse land plots, way before Meta is ready with its metaverse world.
Instagram has also explored the opportunity to allow NFT displays in user profiles. Ownership of NFTs goes beyond swag, often opening doors to new airdrops, continued purchases, special offers and play to earn games.
Meta Warms Up to Cryptocurrency
Meta has already added some functionalities offering cryptocurrency payments through WhatsApp.
Facebook gave up on launching its own cryptocurrency, the long-envisioned Libra, due to regulatory concerns. But NFT items are more akin to art markets and the items can also be purchased with cash, similar to other online services.
This opens the door to wider blockchain adoption without the restrictions inherent to using digital coins and tokens. NFT technology also fits the goals of Meta to create a world of durable and valuable digital items.
Metaverse NFT also include 3D items, have the potential to protect artworks, as well as metaverse land.