Instagram Will Support NFTs

According to a report by the Financial Times, Meta (formerly Facebook (NASDAQ:FB)) is working on a new feature that will allow users to showcase their NFT collections on Instagram. The report, citing anonymous sources, reported on Thursday that the feature will allow its users on Meta and Instagram to print and sell NFTs, as well as use them as profile pictures. Meta may have to compete with other crypto companies such as OpenSea and Coinbase (NASDAQ:COIN) considering its intention to launch an NFT market. Two sources familiar with the matter confirmed that an NFT marketplace similar to OpenSea is being worked on. While the company is expected to stick with its metaverse dreams, it's hard to ignore the burgeoning digital collectibles market. As reported by BTC PEERS, in the first two weeks of the new year, leading NFT marketplace OpenSea has managed to break its previous monthly record. In mid-January, the platform's monthly Ethereum trading volume exceeded $3.5 billion. In October, the social media platform announced that it was changing its name to Meta. Two months later, in December, Instagram CEO Adam Mosseri said the firm is "actively researching NFTs and examining how to make them more accessible to a wider audience." Meanwhile, Twitter (NYSE:TWTR) made similar moves last September. Twitter was working on a feature to add Bitcoin (BTC) payments and an NFT validator to the platform. However, no development has been shared about the research in question since then.