Facebook Parent Meta to Make a Splash in NFT Market

NFTs have officially made their way to the mainstream. Meta, the recently renamed parent company of Facebook, is planning its arrival in the NFT space, a $40-plus billion market opportunity.

According to the Financial Times, Facebook and Instagram developers are in the process of building features that will make it easy for users to display, mint, or sell their NFT creations, which often take the form of digital art.

Meta's plans include a tool that lets users show off their digital avatar NFTs as profile pics, a trend that has already caught on like wildfire on Twitter. In addition, Zuckerberg's team is exploring the launch of an NFT marketplace, where creators can trade their masterpieces for a profit.

The soon arrival of Facebook and Instagram sends a message that NFTs are not going anywhere, especially considering the billions of monthly active users across both platforms. Investors seem to like the news, sending Meta (FB) shares up over 2% on the day.

Investors have been fleeing tech stocks of late amid the expected onslaught of interest rate hikes, and the NFT development gave them something to celebrate.

Zuckerberg does not want to be left out in the cold on NFTs the way he was with the emergence of cryptocurrencies like bitcoin. Facebook was left on the sidelines trying feverishly to catch up.