Facebook Plans To Allow Users To Market And Sell NFTs

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Last Updated on 22 January 2022 by CryptoTips.eu

Jeroen Kok

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Facebook, which for long has tried to launch a stablecoin, is due to set its first steps in the cryptosphere. The Mark Zuckerberg company will apparently, together with its subsidiary company Instagram, be allowing users to create, market and sell NFTs, non-fungible-tokens. Websites that auction NFTs like Opensea and others are scared out of their mind given the size-able crowd that Facebook, now Meta, can bring to the table.

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NFT On Instagram

Although it remains to be seen just how Facebook and Instagram will develop and sell NFTs and which blockchain platform will be used (and thus which coins or projects could profit) remains to be seen as the plans are still being developed. However, there are already some first signs.

For example, Instagram chief Adam Mosseri said last December that the company is “actively exploring NFTs and how we can make them more accessible to a wider audience,” and when he announced his name change from Facebook to Meta, the founder and CEO Mark Zuckerberg spoke about how the metaverse will need to support “ownership of digital goods or NFTs.”

Police in the Wild West of NFT

“At the moment it’s the wild west—there’s nobody to police this,” claims Alan Woodward, professor of cybersecurity at the University of Surrey.

The problem is these social media companies become responsible. They become policemen.

If there’s a dispute over those NFTs, who do those people go to? It’ll be Facebook or Twitter. Why would you want to take that liability?

The cryptosphere was looking with mixed feelings at the news. On the one hand there was fear because of the crypto panic selling, on the other hand cheer for the Facebook news.