Meta plans to integrate non-fungible tokens (NFT) into its Facebook and Instagram social media platforms. Such a move could ensure that the popularity of this emerging industry skyrockets.
As reported by the Financial Times, Meta is planning to create an entire NFT marketplace that will be integrated into its social media. Initially, the new feature will allow users to create their own NFTs and place them as avatars on their profiles.
Although the details of Meta's plans are not yet known, such a move could be very promising for the entire NFT industry. Considering the popularity of social media Instagram and Facebook, NFT integration could create a real boom in this field. In fact, tokens could even outpace their "mother," the cryptocurrency industry.
Already, the industry is experiencing tremendous growth. As reported by CoinIdol, a world blockchain news outlet, it has grown to $44 billion in 2021. At the same time, cryptocurrencies are showing an opposite trend. Since the beginning of 2022, they have suffered outflows of $532 million.
The integration of NFTs into Facebook and Instagram will attract numerous investors. Some of them may migrate out of the cryptocurrency industry, which would lead to even more outflows. In the meantime, NFTs might gain enough popularity and attention to further increase this inverse ratio.