Facebook, now called Meta, is rolling out NFTs to select US-based creators via its social network. Users will be able connect their cryptocurrency wallets to their Facebook accounts if they are successful and implemented on a larger scale.
Test Ethereum and Polygon-Compatible NFTs
Facebook will initially support NFTs compatible with Ethereum and Polygon. A representative from Meta said that once the testing is complete, they will add support for NFTs based upon Flow and Solana. Navdeep Singh (Product Manager at Meta) took to Twitter to give a glimpse into the NFTs on Facebook.
“We are launching NFTs via Facebook!” It’s a pleasure to share the work I have done with the world.
Users will have the ability to access a “Digital Collectibles” tab on their Facebook profiles. This will allow them to showcase and access their NFTs. NFTs, which are unique blockchain tokens that signify ownership, are unique. It will allow users to link their cryptocurrency wallets with their Facebook profiles. Users can turn NFTs into Facebook post, so other users can like, comment, and react to them just as they would on regular posts.
Wooing Web3 Enthusiasts
Martin Bryant (tech and media consultant) stated that the argument was primarily directed at the Web3 space, and that Meta was looking “offer a place to Web3 folks.” Recently, the company began testing changes to Facebook Groups and has given them a Discord-inspired look.
The arrival of Instagram NFTs
Meta CEO Mark Zuckerberg announced last month that NFTs will soon be available on the social media platform Instagram. Zuckerberg addressed a session at “South by Southwest”, and stated that NFTs would soon be available on the popular social media platform Instagram.
“Over the next few months, you will be able bring in some of your NFTs, and hopefully, over time, be capable to mint things in that environment.”
Meta founder added that they were still working on technical issues before the minting process goes smoothly. He mentioned a similar offering being offered by Facebook along with augmented reality NFTs, which will be available via Spark AR on Instagram Stories.
In an earlier announcement, Instagram stated that NFTs posted to the app would automatically tag both the creator and collector. In the announcement, Instagram stated that they would not charge any fees for NFTs and allow collectors to use NFTs as stickers in augmented reality. Adam Mosseri (Head of Instagram) stated that NFT features will be coming to Instagram because of the growth in creators and the creator market on the platform. In May, he stated that NFT features were coming to Instagram because of the growth of creators and the creator economy on the platform.
“Now, we believe that NFTs are a really exciting opportunity for a subset creators–the idea to own a unique digital product.”
Disclaimer: This article is intended for informational purposes only. This article is not intended to be used for legal, tax, investment or financial advice.