Parler, a social media platform, announced on Monday that it would expand its company into non-fungible tokens (NFT), a move that reflects the digital asset’s rapid growth in recent months.
An NFT is a digital asset that can be purchased using cryptocurrencies or dollars and includes photos, videos, and text. The ownership record is kept on the blockchain, which acts as a public ledger that allows anybody to check the legitimacy of the NFT.
NFTs have been traded since roughly 2017, with a spike in popularity in early 2021 and then again in August.
“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 debuted as a social media site in 2018, positioning itself as a free-speech space for anyone looking for an alternative to major platforms like Facebook Inc and Twitter. It swiftly acquired traction among followers of Donald Trump, the former president of the United States. On the other hand, Parler was silent for about a month after Apple Inc, Google parent Alphabet Inc, and Amazon.com Inc cut it off, accusing the app of failing to regulate violent content related to the deadly Jan. 6 attack on the US Capitol by Trump supporters.