Context
The growing popularity of non-fungible tokens has reached Meta and its two large social media platforms – Facebook and Instagram.
- A recent report outlined that both parties are looking into a way to allow users to create and sell NFTs.
What is NFT?
- An NFT, or non-fungible token, is a type of digital asset that lives on a blockchain.
- It has a monetary value and is useful to authenticate and track the provenance of another piece of digital media.
- They are bought and sold online, frequently with cryptocurrency, and they are generally encoded with the same underlying software as many cryptos.
- An NFT is created, or “minted” from digital objects that represent both tangible and intangible items, including:
- Art
- GIFs
- Videos and sports highlights
- Collectibles
- Virtual avatars and video game skins
- Designer sneakers
- Music
