Meta, a multinational technology corporation, is apparently getting into nonfungible tokens (NFTs) by incorporating a feature that would allow users to display their NFTs on their Facebook and Instagram pages. Meta is now developing prototypes that would allow users to create collectible tokens, according to the source.
The multinational technology corporation is also considering developing a marketplace where NFTs may be purchased and sold. While the announcement may delight millions of NFT fans on social media, many of the ideas are still in their early phases and could alter.
The talks come after a desire to hire more people to assist with Meta’s projects. On January 12, Meta launched an effort to hire new staff. Resulting in the departure of around one hundred Microsoft employees. Apple, meanwhile, gave bonuses ranging from $50,000 to $180,000. As well as stock options, to keep employees from leaving for Meta.
Meta’s big rebranding, which previously known as Facebook, allows the firm to focus on efforts other than social media. The startup unveiled its aspirations to establish a metaverse that combines physical and online social events last year. The company also showed off prototypes of haptic gloves that could be usable in the future metaverse.
In the world of NFT, potential earnings are becoming increasingly difficult to overlook. Traditional brands are expectable to enter the NFT industry and see how they can profit from it, according to analysts.
Opensea, the largest NFT marketplace, recently reached a monthly transaction volume of $3.5 billion. This means that just within the platform, almost $169 million spent on NFT trading every day. According to NFT sales monitoring figures, the NFT market has had total sales of $25 billion.