NFTs are all the rage these days so when a report from the Financial Times (paywall) claims that apparently both Facebook and Instagram are planning on making, showcasing, and selling their own NFTs, we can’t say that we were too surprised.
Also, given that when Meta’s CEO Mark Zuckerberg announced the company’s rebranding and spoke about the metaverse, he also revealed that it would support the “ownership of digital goods or NFTs”, so this report seems to be in line with the company’s plan and strategy for the future.
Not much is known yet about Facebook and Instagram’s plans as it is said to be in the early stages of planning and that things could still change, but apparently one of the changes could be where users could display their NFTs as their profile pictures.
For those unfamiliar, NFTs are essentially digital assets where ownership of an NFT is recorded in the blockchain (the same tech behind crypto). Some might wonder, what’s stopping users from right-clicking and saving an NFT on the web to their computer? Essentially nothing, but what NFTs do is that they act as a receipt of sorts to your ownership claims, meaning that you could use it to prove you indeed own the NFT and get it taken down from sites that are reposting it.
However, there is the question of enforcement, so if a company as big as Facebook or Instagram were to start enforcing NFT ownership claims, it could lend an air of legitimacy to it.