Facebook’s Idea to Support NFT for a Digital Metaverse

Social Media Giant Facebook gave a keynote presentation on in lieu of the company’s ambition to unveil a framework for creating a 3-D virtual world which they call the Metaverse. Although this presentation also included a $150 million fund to spur use among its customer base.

The company says that part of its vision includes an important role for non-fungible tokens or NFTs, which are representations of digital objects, artworks and more backed by a unique piece of data on a blockchain. Precisely how NFTs will fit into this vision is unclear, based on the presentation, though Zuckerberg referred to “digital goods” as part of the user experience. 

Meta Platforms Inc., formerly known as Facebook is an American multinational technology conglomerate holding company based in Menlo Park, California. It is the parent organization of Facebook and its subsidiaries. With over 2.8 billion monthly active users, it is ranked seventh in global internet usage. One of its conglomerates, Facebook, was the most downloaded mobile app of the 2010s.

Facebook NFT Plan

Facebook is taking it big as it invests largely in innovative ideas and methods to build a much bigger community. Although few of these moves have been critically analysed and discussed by experts. 

Their involvement in the NFT ecosystem is another indication that giant social media platforms aren’t taking the side bench in the implementation of NFTs in their business. Non Fungible Tokens has seen rapid growth in the last couple of months with various NFT marketplaces sprung out to meet up different demands of both collectors and peculiar stakeholders in this ecosystem. 

Past comments from Facebook Financial head David Marcus suggest that:

     ‘NFTs could be a part of the offering from Novi, which grew out of Facebook’s crypto and stablecoin efforts. “It’s too early to talk about our plans, but we’re definitely looking at a number of plans to get involved in the space because we’re in a good position to do so.”

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