Rumor: Facebook is working on a feature to access Groups via NFTs

Meta is said to be working on a feature where users can only access Facebook Groups if they can prove they have certain NFTs, non-fungible tokens. The feature is part of a broader set of features around NFTs on Facebook.

A pilot for sharing and posting NFTs to the Facebook timeline will begin in mid-May, writes the Financial Times based on an internal memo from Meta from last week. This is followed by the function to only access Facebook Groups with certain NFTs. There will also be a pilot to mint NFTs on the Facebook platform.

The functions should give NFTs a place on the Facebook platform. At the moment, the social network is not doing anything with that technology. NFTs are title deeds for digital assets. Those title deeds are recorded on blockchains. Many companies are involved in supporting NFTs. For example, users on Twitter can get hexagonal avatars if they demonstrate that they have NFTs. Meta platform Instagram will also receive support for NFTs.

In addition, Meta is in the process of creating its own token, which has been internally named Zuck Bucks. That’s a contraction of Meta founder Mark Zuckerberg’s last name and “bucks,” a common English term for dollars. The tokens would not be cryptocurrency, but instead just Meta-accepted tokens, which it can hand out for valuable posts and have no value outside of the Meta platforms. Something like this has existed in the form of Facebook Credits, from 2009 to 2013.

Facebook Credits. Source: Getty Images