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Big news as Instagram and Facebook are looking to expand their features which include NFTs

The world is constantly changing day by day. Every day, many trends rise up and make the headlines but only a few of them are able to make some impact throughout the world. NFT is just another trend that is currently being named as one of the best technologies to ever exist. Just like blockchain and crypto hype which revolted a couple of years ago. NFTs are making waves and are providing users an easy way to make some cash for themselves.

So what is NFT? NFT or non- fungible tokens are digital items that people can purchase and can label themselves as the owner of that particular NFT. It provides the buyer with a receipt which serves as a label that the buyer is the owner of that product or item. These NFTs are verified by blockchain which contain the transaction history which proves the ownership of a product.

These blockchains are only responsible for holding the transaction history and thus only provides the buyer with a receipt rather than any proper evidence which would declare them as the owner. Even though its model is not decentralized, we are seeing a huge rush in its market as every company wants to be a part of the action.

Meta, the parent company of Facebook and Instagram has shown its interest in NFTs and rumors are that they might be planning to come up with a few features that would allow users to use their NFTs in many ways.

Reports are that they are building a feature that would allow users to put NFTs as their profile picture, they might be working on the code which provides the users with an option where they can mint their NFT’s. An” NFT Market” is also being discussed in the office as the company is thinking about creating a marketplace for users to buy and sell their NFTs.

It isn’t a surprise that Meta is thinking about expanding their reach and is trying to include NFT’s into their arsenal as they are building their very own “Metaverse”. It is being built on the concept of “Ready Player One”, which is a virtual world where people connect and compete against each other. The Metaversehas links with NFTs which is probably why the company is looking to integrate NFTs.

NFT’s are being sold at very high rates, which go up to hundreds and thousands of dollars. As the Metaverse is starting to come closer to its final phases, we are seeing the spike in sales of NFT’s because rumors are that you will be able to use those NFT’s in Metaverse. As the platform of NFT’s isn’t reliable because of all the frequent scams that are happening in the marketplace, people are saying that Meta shouldn’t really step into the NFT market, but instead they should try to improve themselves.


H/T: FT.

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