Zuckerberg’s Meta is exploring the launch of an NFT marketplace

By Raffaele Redi

Reports suggest the company’s first NFT tool will be coming to Meta’s Instagram platform

The Meta logo displayed on a smartphone and in the background the Facebook logo                                 
Facebook rebranding as Meta hinted at a move into the metaverse, which could start with NFTs – Photo: Shutterstock
                                

Meta, formerly Facebook, is apparently exploring the launch of an NFT platform. 

This is according to anonymous sources that were reported by the Financial Times.

It was claimed that Facebook’s parent company, Instagram, is trying to dive into the metaverse and capitalise on the $40bn NFT market, which is expected to grow to $3.5trn in 2030.

“Teams at Facebook and Instagram are readying a feature that will allow users to display their NFTs on their social media profiles, as well as working on a prototype to help users create, or mint, the collectible tokens, according to several people familiar with the matter,” the FT reported.

The OpenSea move

Meanwhile, the largest NFT platform, OpenSea, has taken another step closer to its goal of introducing fiat currency payment methods for NFTs with its acquisition of Dharma Labs.  

Introducing fiat payments will allow OpenSea to get away from pure cryptos and the volatility risks that come with them. OpenSea hinted last autumn that direct fiat payments were on their way, but didn’t give a specific timeframe.

In announcing the Dharma Labs purchase, OpenSea referred to Dharma’s pedigree in building experiences “for onboarding fiat currency to blockchains”. The platform aims to make NFTs easy and “delightful” for the average person.

“We believe this union will be a force multiplier for NFTs and web3 adoption, and help us dramatically improve the experience of buying, minting and selling NFTs on OpenSea,” said OpenSea.

As part of the agreement, Co-Founder and CEO of Dharma Labs, Nadav Hollander, will step into OpenSea management as its new CTO.

Coinbase partnering with Mastercard

On the other hand, Coinbase and Mastercard recently announced a partnership “to let people use their Mastercard cards to make purchases on Coinbase’s upcoming NFT marketplace”.

“We’re working to make NFTs more accessible because we believe tech should be inclusive. When more people are included in new technologies, it spurs innovation, helps economies grow and expands choices for consumers,” the companies said jointly.

Similiar payment experiments have already been carried out by some smaller NFT platforms, notably S!NG, which now allows credit and debit cards as well as Apple Pay. This eliminates the need for a crypto wallet while bridging the transfer from fiat to Ether.

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