Meta just announced the arrival of NFTs on Facebook. From now on, the social network will make it possible to share a digital work certified on the blockchain directly on its walls.
Facebook, the social network that matters 2.9 billion users worldwide, opens in non-fungible tokens (NFT). Inspired by Mark Zuckerberg, the platform will allow internet users “ Publish digital collectibles in their possession » on their walls.
So it’s hope NFTs will be featured in your news feed soon, as shown in the example published by Facebook. Sharing a token is like any other post. A badge announcement “Digital Collectibles” But will appear in the picture.
To display their NFT for their friends to see, users will first need to Connect their digital wallet In the Facebook interface. Rainbow, Metamask, Trust Wallet, Coinbase Wallet and Dapper Wallet wallets are supported. Initially, Meta focused on integrating four blockchains: Ethereum, Polygon, Solana, and Flow. These are the most popular blockchains for authenticating digital work. The meta specifies thatNo fee will be charged For this service.
Note that the Silicon Valley giant already tested adding NFTs to Facebook over the summer. The company actually allowed some content creators to publish certified works on the blockchain a few weeks ago. It was possible to use an NFT as a profile picture.
Also Read: Napster Bets on NFTs and Cryptocurrencies to Come Back
NFTs are also spreading on Instagram
In parallel, the meta has already begun Integrate NFT on Instagram In May 2022. But so far, only a few creators have been able to post their digital works on their Instagram accounts. The feature is now open to all internet users. Note that Meta already extended the display of NFTs to new users in early August. The group opened the program, which was still in the experimental phase, to another hundred countries.
Unfortunately, Europe was left out. With this August 29 announcement, could non-fungible tokens be landing soon for all users, including Europe? For now, Meta doesn’t specify if the functionality will actually be available in European countries, on Facebook or Instagram. Be that as it may, deployment of the option promises to be gradual.
By integrating NFTs into its social networks, Catch up on Meta Twitter. The microblogging platform has actually allowed the use of an NFT as a profile photo since January 2022.
NFT is an essential component of meta strategy
Non-fungible tokens are an integral part of Meta’s development strategy. According to Mark Zuckerberg, NFTs are Essential to the establishment of the Metaverse, digital worlds in virtual and augmented reality. Meta expects Metaverse users to purchase digital items there in the form of NFTs.
With this in mind, the group opened a virtual clothing store to dress up avatars. To generate profits, Meta plans to recoup a 47.5% commission on each sale. This is why NFT Matter is at the heart of the metaverse economy. The American giant hopes the approach will allow it to restart its growth, which has been at half-mast since its Metaverse division accumulated losses.
As the NFT market turns red, innovation sets in. After the cryptocurrency crash, most of the collections have dropped in price. Stripped of some of their cash, many investors are turning away from the sector to bet on safer prices. Despite the decline, a study by Verified Market Research (VMR) predicts that NFT will reach the market $231 billion by 2030. At the time of writing, the market capitalization does not exceed $22 billion.