Facebook says it will support NFTs in its upcoming metaverse
Facebook on Thursday said it will support non-fungible tokens (NFTs) as part of its plans to build a 'metaverse'.
At a rebranding event in which the social media giant announced it would change its name to 'Meta', Facebook unveiled a series of projects aimed at building a virtual world, including a $150 million fund to spur use among its customer base.
While the company didn't make clear how exactly NFTs will fit into its metaverse plans, CEO Mark Zuckerberg referred to "digital goods" as part of the user experience.
Vishal Shah, the company's Head of Metaverse Products said Facebook is "exploring new types of ownership, models, and entitlements to ensure people feel confident that they actually own something."
Shah added: "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."
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