Meta Platforms Inc (NASDAQ: FB) shares are up roughly 5.0% on Wednesday after CEO Mark Zuckerberg said NFTs (non-fungible tokens) were set to debut on Instagram.
Instagram to launch NFTs in the near term
The social media platform is expected to let users display NFTs on their profiles. They will also be able to make and sell their own digital collectibles. At South by Southwest Festival, Zuckerberg said:
We’re working on bringing NFTs to Instagram in the near term. I’m not ready to announce exactly what’s going to be today. But over the next several months, the ability to bring some of your NFTs in, hopefully over time be able to mint things within that environment.
NFTs are rumoured to later make an appearance on Facebook as well, as part of the company’s broader push into the metaverse.
Link reiterates her positive outlook on Meta stock
Meta stock has been butchered ever since the company reported its Q4 results in early February, down nearly 40% at present. But it’s only a matter of time before the stock recovers, said Hightower’s Stephanie Link on CNBC’s “Squawk Box”:
Eventually, Meta will get it right. We have to wait for reels and for them to monetise it. I think it’ll take at least six months to do so. They still have 2 to 3 billion MAUs and 10 million advertisers. So, they lose a few on the margin, but at 8 times EBITDA, the stock is very attractive.
Last week, Meta said it needed better cellular networks to achieve its metaverse ambitions.
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