Meta to Allow Users to Create and Sell NFTs

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Meta to Allow Users to Create and Sell NFTs
22 Jan 2022
7 min read

News Synopsis

Meta, the parent company of Facebook is planning to enter the booming market of digital collectables known as NFTs. It is planning a feature that would allow users to display NFTs on their social media profiles. It may also create a feature that will help users to create their own digital collectables along with a digital market where they can sell and buy them.

It is the first attempt of the company to enter the market for NFTs, which are digital pieces of art tied to the blockchain. According to the estimates, the market for NFTs swelled to over $40 billion in sales in 2021. 

The plans are likely to rest on Novi, the crypto wallet of Meta. Meta launched Novi with Coinbase in October 2021 to allow users to send and receive money in the form of stablecoin pegged to the US dollar known as Paxos Dollar or USDP.

Mark Zuckerberg, the CEO and the co-founder of Meta has said that NFTs can be useful in supporting metaverse. Formerly known as Facebook, the company rebranded to Meta last year taking it to a futuristic digital world which is called the Metaverse. It allows people to interact, work, play, shop and more with the help of their digital avatars.

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