Social media platform Parler has said it will expand its business into non-fungible tokens (NFT), in a move that underpins the rapid growth of the digital asset in recent months.
An NFT, which is a digital asset usually bought with cryptocurrencies or in dollars, encompasses everything from images, videos to text. The ownership record is tracked on the blockchain, which serves as a public ledger allowing anyone to verify the NFT’s authenticity.
Traded since around 2017, NFTs initially gained popularity in early 2021 and then around August.
Last week, former US first lady Melania Trump launched an NFT and blockchain technology venture, which was spearheaded by Parler.
“Parler will continue building its digital offering with an NFT pipeline that builds communities and fosters creativity while furthering its commitment to free speech and security,” the company said in a statement on Monday.
The app was launched in 2018 as a social-media site, styling itself as a free-speech space for those seeking an alternative to major platforms such as Facebook Inc and Twitter. It quickly gained traction from supporters of former US President Donald Trump.
Parler, however, went dark for about a month after being cut off by major tech platforms Apple, Alphabet and Amazon that accused the app of failing to police violent content related to the riot at the US Capitol by supporters of the incumbent President.
The team at Platform Executive hope you have enjoyed the ‘Controversial social media app Parler plans to expand into NFTs‘ article. Automatic translation from English to a growing list of languages via Google AI Cloud Translation. Initial reporting via our official content partners at Thomson Reuters. Reporting by Eva Mathews in Bengaluru. Editing by Sherry Jacob-Phillips.
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