Social Media and its influence

Meta streicht NFT-Funktion bei Facebook und Instagram
Der Techkonzern Meta stellt nach einer längeren Testphase sämtliche NFT-Funktionen in seinen sozialen Netzwerken ein. Der Fokus soll sich auf andere Arten der Monetarisierung von Content verschieben.

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Meta, the parent company of Facebook and Instagram, is reportedly preparing to allow the posting of non-fungible tokens (NFTs) on its social networks and the creation and trading of digital assets via a new marketplace. 

The news comes from a Financial Times article citing anonymous sources with inside knowledge of the company's preliminary plans. According to "several people familiar with the matter," Facebook intends to begin allowing users to post NFTs as their profile images and to upload or "mint" their own NFTs via a prototype system that will generate the required tokens needed to turn a simple image file into this new form of digital asset. 

Two of those same sources also claim Meta is planning its own marketplace for buying, selling, and trading NFTs. If true, this would place the company in direct competition with existing NFT trading outlets like OpenSea, which, as FT noted, just completed a $300 million investment round at a $13 billion valuation.

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Instagram has plans to allow users to display their NFTs and even mint new NFTs within the app, according to Meta CEO Mark Zuckerberg. But what does that even mean? There are quite a few possibilities, and none of them make a whole lot of sense.

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