You may start to see an influx of pound signs coming to Facebook -- if a recent report is true that the social network is working on incorporating hashtags.

A hashtag is a keyword or phrase preceded by a pound symbol (#) that aggregates similarly tagged posts on social media services, like Twitter or Instagram. Hashtags make it easy to organize a stream of related topics.

The Wall Street Journal reports that Facebook is working on adding hashtags to its service, making it possible for users to search for keywords within the social network. Citing people familiar with the matter, the Journal added that it is not a feature that will be introduced anytime soon. A timeline for how far Facebook has come along on the project is unclear.

Why would Facebook add hashtags? The Journal speculates that the move could be cash in on the potential advertising dollars that could come from adding the feature, and suggests that the growing competition between Facebook and Twitter could be at the root of such a move.

A spokesperson at Facebook did not comment on the Journal's report and told CBS News that the company does not comment on rumor or speculation.

Facebook recently introduced a series of changes to its service. The social network launched Graph Search in January -- a search engine inside of the social network. The company also unveiled a redesign of its News Feed and Timeline in March.

Facebook was launched in February 2004. The Menlo Park, Calif-based company reports over 1 billion monthly active users as of December 2012.