Facebook to launch an NFT marketplace
While everyone was still not over how Facebook rebranded themselves as “Meta” , there came an update where Financial Times reported that Facebook will be Introducing an NFT Marketplace.
Two of the people said that Meta is discussing the possibility of launching a marketplace where NFTs users can easily buy and sell NFTs. These announcements may excite millions of NFT enthusiasts who plan to buy NFTs or already trading NFTs. To have a deeper understanding of NFTs, you should read our blog, in which we have mentioned everything you need to know about NFTs.
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When Is Facebook Going To Launch Its Marketplace?
Though it’s hard to say how long these plans are going to be implemented, it’s not the first time the company’s leaders have expressed interest in NFTs. According to Instagram’s vice president Adam Mosseri, the company, Facebook is investigating NFTs and the possibility of making it more accessible to a wider audience. Last October, Meta CEO Mark Zuckerberg talked about how important these digital goods are as part of the metaverse.
Predominant NFT marketplace OpenSea, which takes a 2.5 percent cut of any sale, raised $300m at a $13bn valuation — just six months after raising $100m at a $1.5bn valuation. Major US cryptocurrency exchange Coinbase is launching its marketplace. Meta rival Twitter is testing NFT showcasing capabilities, while Reddit has launched its collection of NFT avatars.
In his keynote speech last year, Meta CEO Mark Zuckerberg said that NFTs might one day support the creation of digital goods in the company’s metaverse -an avatar-filled virtual world that the company is planning to build over the next decade for $10 billion.
Platforms such as Facebook, Twitter, and Instagram act as common ground for buyers, sellers, and brokers in the sale of NFTs in the same way they connect a brand to a consumer.
Although there is no concrete way to support the purchase and sale, as it can only be completed through an external platform like OpenSea and SuperRare, hence, Facebook’s move of building its marketplace can be an excellent move here as people will be able to trade on Facebook’s created platform itself.
Kristin George, Instagram’s director of product and creators, spearheaded the project last year along with David Marcus, former head of the company’s payments and crypto division, who left Facebook in December -which is believed to be revealed by a source.
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The idea of integrating Facebook’s digital currency wallet Novi, which began as a pilot project in October, is likely to be key to the plans. Marcus is now being replaced by Stephane Kasriel, the former head of freelancing platform Upwork. Also, a person with knowledge of the plans revealed that the functionality of NFTs would be powered and supported by Novi.