Meta is Experimenting with an NFT Marketplace on Instagram

Meta, the parent company of Facebook, Instagram and WhatsApp, is looking to launch an NFT marketplace on Instagram, reportedly drawing up plans to allow its users to create and display NFTs on both their Instagram and Facebook profiles.

Meta Makes More Moves in the Metaverse

According to a report by the Financial Times (FT), Meta will allow its users to create and display NFTs on their profiles, along with a prototype feature for minting tokens in the pipeline. The report comes after Instagram CEO Adam Mosseri admitted it was “actively exploring NFTs and how we can make them more accessible to a wider audience”, and after Meta announced its upcoming metaverse product would support NFTs.

Nothing to announce yet but we are definitely actively exploring NFTs and how we can make them more accessible to a broader audience. I think it’s an interesting place that we can play … and also a way to hopefully help creators.

Instagram CEO Adam Mosseri

No Particular Blockchain in Mind … Yet

According to the FT report, it is still unclear which blockchain network these features would be built on. At the moment, NFTs exist on several blockchains including Solana, Tezos, Ethereum, Flow and WAX. The report says teams at Facebook and Instagram are looking at NFT integration, with Meta discussing the possibility of an NFT marketplace.

Meta’s digital currency wallet Novi is also said to be a key component in its push into NFTs. Novi is a new crypto wallet used for sending digital payments through WhatsApp, and is currently being trialled for a limited number of people in the US.

However exciting the news, users are urged to keep in mind that the initiative is still in the planning stages.