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Sport News |   Facebook, Instagram NFT Sales Could Happen |  KTA

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Facebook, Instagram NFT Sales Could Happen | KTA

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Seen on a device screen in Sausalito, Calif., Facebook CEO Mark Zuckerberg announces his new name, Meta, during a virtual event on Thursday, October 28, 2021. Zuckerberg spoke about his latest passion – the creation of a virtual reality “metaverse” for business, entertainment and meaningful social interactions. (AP Photo/Eric Risberg)

(NEXSTAR) – Meta, the tech parent company of Facebook and Instagram, may soon enter the crypto market – by allowing users to create, sell and buy original non-fungible tokens, or NFTs.

The Financial Times reports that although plans are “at an early stage”, the two social media platforms are preparing a feature that allows users to select existing NFTs as profile pictures, in addition to allowing users to create their own. own new tokens.

A marketplace within the platforms to sell and buy NFTs is also being explored, FT sources said.

Other social media platforms have already started: Reddit started hiring for its planned NFT platform in October, while Twitter reportedly tinkered with its new “Collectibles” section, which allows users to post their non-fungible items.

You might be wondering: what is an NFT?

Non-fungible tokens can be tricky to grab, but are essentially just one-of-a-kind pieces of digital content. These coins are different from cryptocurrencies like bitcoin and ethereum because these coins can be exchanged for coins of the same value, explains CNN Business. Trading bitcoin and ethereum is like trading an apple for another apple, but with NFTs there is only one apple available to trade among a bowl of oranges.

NFTs have flourished in the online art scene, with many artists finding ways to create rarity (NFTs come with certificates of authenticity) in a market where images can be reproduced endlessly. These digital assets can come in many forms, such as GIFs and JPGs.

In October, auction house Sotheby’s, which specializes in high-priced art and other collectibles, launched Metaverse, its NFT-only marketplace.

Sport News |   Facebook, Instagram NFT Sales Could Happen |  KTA

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Close-up of hands digitally painting on a tablet creating an NFT non-fungible token market (Getty Images)

Earlier this month, retail giant Walmart filed trademarks suggesting it might start selling and buying NFTs. Some high-profile celebrities have also entered the game, including former first lady Melania Trump and Tampa Bay Buccaneers quarterback Tom Brady. Brady’s Autograph NFT platform recently raised $170 million for its athlete-centric showcase.

Currently, NFTs are mostly purchased on OpenSea and Binance marketplaces.

Despite a boom in popularity, NFTs and cryptocurrency in general have drawn criticism over the amount of power they consume.

Facebook, Instagram NFT Sales Could Happen | KTA

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