Meta is rumoured to finally be ready to enter the red-hot NFT market as the demand for digital collectibles reaches boiling point.
Both of Meta’s companies Facebook and Instagram are in the process of letting users display NFTs as their profile pictures on its platforms as well as creating the tokens themselves, according to the Financial Times.
There are also rumours that Meta is considering launching its own NFT marketplace for users to buy, sell and trade tokens.
Meta’s rival Twitter is also looking into showcasing NFTs on the platform.
The NFT market last year attracted $40 billion of investment, with that figure looking to be smashed by the end of this year following a explosion of interest from social media influencers.
The social media and now virtual reality giant teased plans to introduce NFTs to the platform last year after the reinvention of the company to Meta.
Facebook’s head of metaverse products Vishal Shah said the metaverse will present a sound opportunity for people to create and sell NFT-based products, in October.
Shah said the metaverse “will make it easier for people to sell Limited Edition digital objects like NFTs, display them in their digital spaces and even resell them to the next person securely.”
“Our goal is to provide a way for as many players as possible to build a business in the metaverse,” Shah said.
Meta hasn’t yet confirmed the reports that it is developing features for Instagram and Facebook.