FB & IG Hop on the NFT Train With New Upcoming Features

Social media platforms are on a non-fungible tokens (NFTs) bender. Recently, these platforms have been working hard to give NFT-owners a way to showcase their tokens, proving the 2021 NFT craze is still alive and well.

FB & IG Hop on the NFT Train With New Upcoming Features

Among the first to board the NFT train were Facebook and Instagram - two of the biggest social media networks and subsidiaries of Silicon Valley-based Meta.

NFTs for Everyone

A recent report from The Financial Times confirmed that Facebook and Instagram are exploring plans to integrate NFTs into their platforms. Both platforms plan to provide ways to create, display, and sell NFTs right from their Facebook or Instagram profiles.

The Financial Times reported that discussions are currently in early stages and that Meta's plans for both platforms could still change. So far, early talks have been positive. Instagram and Facebook are already finalizing the feature that will let users display NFTs and are handling a prototype for the feature that allows users to mint their tokens.

Meta has been diving into NFTs for a while now, hoping the tokens will help bolster its vision for an expanded metaverse. In December, Instagram CEO Adam Mosseri said the company was considering integrating NFTs and making them more accessible to the public.

"Nothing to announce yet, but we are definitely actively exploring NFTs and how we can make them more accessible to a wider audience. I think it's an interesting place that we can play…and also a way to hopefully help creators," Mosseri reportedly said, keeping details under wraps for now.

Big Tech Jumps on the NFT Train

The move from Instagram and Facebook isn't surprising. Tech firms are getting more interested in NFTs following the overwhelming show of support for the tokens in 2021.

Last month, Twitter - one of Facebook's chief rivals - rolled out NFT profile pictures for select users. The feature will allow users to show off their NFTs as their profile pictures.

Currently, the NFT feature is only available to Twitter Blue subscribers on the iOS platform. Support is expected to roll out on web and Android platforms soon, but right now everyone can see Twitter Blue user NFT profile pictures. Twitter Blue is only available in early markets in the United States, New Zealand, and Canada.

Looking to catch up, Reddit has joined its social media rivals in integrating NFTs. Reports confirmed the company is testing a feature that will allow Redditors to set their NFTs as profile pictures. Last year, the company released a limited NFT collection called "CryptoSnoos" and now allows users to set whichever NFT they'd like.

"We're always exploring ways to provide value for users and communities on Reddit. At the moment, we're testing the ability to use NFTs as profile pictures (avatars) and verify ownership," said Reddit spokesperson Tim Rathschmidt. "It's a small, internal test and no decisions have been made about expanding or rolling out the capability," the company told TechCrunch.

Reddit's NFT feature is still in testing and isn't yet available to the public. Still, it's another show of Big Tech support for the tokens.

Becoming an All-In-One NFT Hub

The Meta move is more than just NFT profile pictures. The Financial Times noted that the company might be launching a dedicated NFT marketplace. If this happens, Meta will be stepping into a market that is getting more crowded by the day.

This year alone, OpenSea - the world's top NFT marketplace - closed a $300 million Series C round valued at $13 billion. Coinbase is also making waves in the NFT space with its own marketplace, and we're seeing rising numbers from platforms like Nifty Gateway (backed by the Gemini Group) and Rarible.

If Meta does decide to launch an NFT marketplace, it will need to bring its A-game to the highly competitive industry. But, if there's one company with the resources to thrive in this growing space, it's Meta.

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