- Facebook could be working on creating an NFT marketplace that allows users to create, buy, and sell non-fungible tokens.
- This option would also allow NFTs to be displayed within their image galleries on both Facebook and Instagram, as well as on their profile photos.
- Over the next 10 years, Zuckerberg plans to invest $10 billion a year to build his metaverse.
The crypto ecosystem that began with the Bitcoin cryptocurrency is much more than digital assets. Today one of the trends and important pillars of the entire market are NFTs (non-fungible tokens). For this reason, large companies plan to get involved and Meta, formerly Facebook, has them on their radar.6+
These images or videos, which are sold for up to millions of dollars to the surprise of many, are the trend within the crypto ecosystem. Of course Mark Zuckerberg, who knows trends, does not want to miss it.
Facebook seeks to join the NFT market
According to different information collected by cryptoslate, the company is working on the option to allow users to create and sell non-fungible tokens. It will also give them the possibility of showing them on their social network profiles as if they were their image.
Meta’s entry into the NFT trading market will be strong competition for OpenSea, market that currently develops on the Ethereum and Polygon networks and that today completely dominates the scene. It will be necessary to see which will be the options that Zuckerberg’s company will handle.
Instagram, a company from the same Facebook group, will also allow NFTs to be displayed as profile photos, as revealed by some sources close to Meta.. His boss, Adam Mosseri, stated that the platform was exploring him, thus confirming the novelty.
Even, as developed by the Financial Times, two people who are associated with the company assured that the company “has discussed the launch of a proprietary NFT market.”
While these plans are novel, they are not surprising given Zuckerberg’s plan to make Meta the king of the metaverse. In turn, the creator of the company had already stated last year that NFTs had the potential to become an “irreplaceable part” of the metaverse.
Does it seem to be a move to recover a greater role in the networks? Can be. In recent times, both Facebook and Instagram have lost popularity at the hands of the competition. In particular Facebook, the world’s largest social network, lost users due to its censorship among other reasons.
Zuckerberg plans to spend $10 billion a year for the next 10 years to build his metaverse. For this you will need a lot of money and the possibility of promoting the buying and selling of NFTs is a good opportunity.
A competitor for OpenSea?
OpenSea, as mentioned, is the most important market in the world and in December it was valued at $13 billion dollars. Its price is not only due to its potential and network, but also because it charges 2.5% of each of the sales made on its platform.
Facebook is already immersed in the crypto world and has your own virtual wallet: Novi. The company authorities consider that this It will be a key piece for the development of everything explained above.
Zuckerberg is charging non-fungible tokens and promises to captivate much of the market. The entry of a giant like Meta promises to put up a very good fight against OpenSea.
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