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NFTs Will Be Supported in Facebook’s Metaverse

Facebook revealed that the company’s upcoming metaverse will be supporting non-fungible token (NFT).

Vishal Shah, the Head of Facebook’s Metaverse Products, said that the feature will make it easier for users to sell Limited Edition digitised collectibles like NFTs, use them as decorative items in their virtual spaces, and resell them securely.

Our goal is to provide a way for as many players as possible to build a business in the metaverse.

 

Vishal Shah, the Head of Metaverse Products at Facebook

This reveal came amidst of Facebook’s deeper exploration of the digital world. The social media giant owns Oculus, a virtual reality manufacturer, and is currently recruiting more talents to join its metaverse unit.

Facebook has also recently went through a rebranding by changing its name to Meta, which may signal its dedication to building a metaverse version of itself. As of now, there is insufficient information on how Facebook’s metaverse would be different from existing metaverses such as Cryptovoxels and Decentraland.

Facebook’s head of payments and financial services David Marcus tweeted that the company was combining all payment and financial service units and products under its crypto wallet Novi brand.

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