But Facebook will not take ownership of its users' photos, Time reported.
"The passage in our terms of service that covers your information and your content has not changed," Matt Steinfeld from Facebook was quoted as saying.
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"We can't sell property that we don't have. You own the things you share on Facebook," Steinfeld added.
When they sign up on the site, users agree to grant Facebook "a non-exclusive, transferable, sub-licensable, royalty-free, worldwide license to use any IP content that you post on or in connection with Facebook".
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This license, however, ends "when you delete your [Intellectual Property] content or your account unless your content has been shared with others, and they have not deleted it".
This license is required to allow Facebook to show that particular content on its platform. "But we can't turn around and sell [it] without your knowledge or permission," Steinfeld said.