Facebook and Instagram to Enter $40B NFT Market: Report
iHodl.com
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20 January

Meta — the parent company of Facebook, WhatsApp and Instagram — is exploring ways to allows its users to use non-fungible tokens (NFTs), the Financial Times reports. According to sources close to the matter, Facebook's parent company wants to capitalize on the NFT craze with its own marketplace.

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The report says teams at Facebook and Instagram are working on a feature that will allow users to display their NFTs in their accounts. Users will also be able to mint and sell tokens. The efforts are at an early stage though and could yet change, the report says.

Twitter Teases NFT Avatars

As iHodl earlier reported, Meta is aiming for "deep compatibility" with blockchain, crypto and NFTs as the company's CTO, Andrew Bosworth, advised to target a deep compatibility with the blockchain. Bosworth noted there are "not many places where I expect us to depend on it exclusively yet, but if we see an opportunity to work jointly with entrepreneurs in the web3 space I expect it will be worth the effort."

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