FT reports Meta plans NFT integration on Facebook and Instagram

Meta plans to integrate non-fungible tokens into the social networks Facebook and Instagram, and is also working on a prototype platform for issuing NFTs. The Financial Times reports, citing informed sources.

Two of the publication’s sources added that Meta is discussing launching an NFT marketplace.

The initiatives are in their early stages, so the company’s plans may change. However, two people familiar with the details said that Instagram is conducting internal testing of a feature to display NFTs in users’ profiles.

In December 2021, Instagram chief Adam Mosseri stated that the company “actively exploring NFTs,” but did not reveal details.

According to the FT, the NFT integration project was initially initiated by Instagram Product Director Kristin George and Meta’s Payments head David Marcus. The latter left the company in 2021 — his place was taken by former Upwork CEO Stefan Kasriel.

The publication’s source underscored that Novi digital wallet will be important for implementing NFT-oriented initiatives:

“Many of the ancillary features related to Novi will be used for working with NFTs.”

Earlier, Vishal Shah, head of Meta’s Metaverse Product Group, said that the project will support NFTs, facilitating the sale of these digital assets and allowing them to be displayed in three-dimensional spaces.

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