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Non-fungible tokens will be supported in Facebook’s metaverse

NFT holders can sell their digital assets securely on the metaverse.

Photo by Gerd Altmann of Pixabay

Fri, 29 Oct 2021, 08:21 am UTC

Facebook has been rebranded and is now called Meta. While users of the social media platform might be confused as to what the rebranding might mean to them, the move is seen as a positive development for the crypto space especially for non-fungible tokens (NFTs).

“I am proud to announce that starting today, our company is now Meta,” Facebook CEO Mark Zuckerberg announced the new name on Thursday during the annual developers’ conference. “Our mission remains the same, still about bringing people together, our apps and their brands, they're not changing.”

Meta comes from the word metaverse, which is essentially a virtual universe where people’s digital representations, also known as avatars, can interact with one another such as participating in meetings, playing, or even going to concerts, according to the Guardian.

The social media giant is committed to bringing this metaverse into reality. “The metaverse is the next evolution of social connection,” Facebook said on its website. “Our company’s vision is to help bring the metaverse to life, so we are changing our name to reflect our commitment to this future.”

The company already owns Oculus, which manufactures virtual reality headsets. It is highly likely that this VR gear will come into play in the company’s future plans for the metaverse.

What’s even more interesting for the crypto space is that the metaverse will also support non-fungible tokens. “This will make it easier for people to sell Limited Edition digital objects like NFTs, display them in their digital spaces, and even resell them to the next person securely,” Facebook Head of Metaverse Products Vishal Shah said, according to Coindesk.

Facebook is already hiring for its metaverse unit to speed up its development. The goal is to create opportunities for businesses and individuals to monetize their metaverse presence. While the details are yet unclear at this point, the platform will likely allow creators and traders to monetize their NFT artworks by selling them on the metaverse.

“Our goal is to provide a way for as many players as possible to build a business in the metaverse,” Shah added.

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