Meta, previously known as Facebook, is reportedly working on providing support for non-fungible tokens (NFTs) for both Facebook and Instagram, the Financial Times has learned, citing sources familiar with the matter.
The social media giant wants to allow users to mint, store and sell NFTs through its own marketplace. The new feature will reportedly allow users to display their digital collectibles on their social media profiles.
However, no details on the timeline were provided as the initiative is yet at an early stage. The move comes after Andrew Bosworth, Meta's chief technology officer, wrote in an internal post that the company is preparing for "deep compatibility" with blockchain.
While Bosworth urged caution, he noted the company should look to adopt the technologies before others.