Facebook's parent company Meta is looking to launch NFT marketplace: Report

Meta, Facebook's parent company, is reportedly drawing up plans to allow users to create and display NFTs on their profiles along with a prototype feature for minting tokens in the pipeline.

The Financial Times reported the news on Thursday, citing "several people familiar with the matter." The report comes after Meta recently said that its upcoming metaverse product will support NFTs. Last month, Instagram CEO Adam Mosseri also said that the company is looking at ways to bring NFTs to a wider audience via its app.

According to the FT report, teams at both Facebook and Instagram are looking at NFT integration, with Meta currently discussing the possible launch of an NFT marketplace. Meta's digital currency wallet Novi is also said to be a key component in its push into NFTs. However, the companies' plans are reportedly at an early stage and could change. 

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Meta's move into the NFT space comes at a time when cash is flooding into the space. According to The Block's Data Dashboard, NFT marketplace monthly trading volume has already surpassed a record $4 billion this month. 

Meta rival Twitter is also exploring supporting NFTs, while Reddit has launched its own NFT collection.

About Author

Tom is a deals reporter at The Block covering venture capital, fundraises, fintech and M&A. Before joining, he was an editorial intern at the FT-backed platform Sifted where he reported on neobanks, payment firms and blockchain startups. You can reach him by email at [email protected] or Telegram @tommatsuda.

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