Meta has 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 wall.
Facebook, the social network that matters over 2.9 billion users worldwide, opens to non-fungible tokens (NFT). Under the impetus of Mark Zuckerberg, the platform will allow Internet users to “ publish the digital collectibles in their possession » on their wall.
So expect that your news feed will soon feature NFTs, as shown in the example published by Facebook. Sharing a token is like any other post. A badge announcing “digital collectible” will however be displayed on the image.
To display their NFTs for their friends to see, users will first need to connect their digital wallet to the facebook interface. Rainbow, MetaMask, Trust Wallet, Coinbase Wallet and Dapper Wallet wallets are supported. Initially, Meta focuses on integrating four blockchains: Ethereum, Polygon, Solana, and Flow. These are the most popular blockchains for authenticating digital works. Meta specifies thatno fees will be charged for this service.
Note that the Silicon Valley giant had already tested the addition of NFTs on Facebook during the summer. The company indeed allowed certain content creators to publish certified works on the blockchain a few weeks ago. It was also possible to use an NFT as a profile picture.
Also read: Napster bets on NFTs and cryptocurrencies to make a comeback
NFTs are also spreading on Instagram
In parallel, Meta has already started to Integrate NFTs into Instagram in May 2022. But so far, only a handful of 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 had already extended the display of NFTs to new users in early August. The group had opened the program, which was still at the experimental stage, to a hundred additional countries.
Unfortunately, Europe had been left out at that time. With the announcement of this August 29, could non-fungible tokens land soon for all users, including in Europe? For the time being, Meta does not specify when the functionality will actually be available in European countries, on Facebook or Instagram. Be that as it may, the deployment of the option promises to be gradual.
By integrating NFTs into its social networks, Meta catches up on Twitter. The microblogging platform has indeed allowed since January 2022 to use an NFT as a profile photo.
NFTs, an indispensable element of the 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, the digital world in virtual and augmented reality. Meta expects users of the metaverse to purchase digital items there in the form of NFTs.
With this in mind, the group has opened a virtual clothing store intended to dress the avatars. To generate profits, Meta plans to recoup a 47.5% commission on each sale. This is why NFTs are at the heart of Meta’s metaverse economy. The American giant hopes that this approach will allow it to relaunch its growth, which has been at half mast since its metaverse division has accumulated losses.
The deployment of the novelty comes as the NFT market is in the red. Prices for most collections have crashed following the cryptocurrency crash. Deprived of some of their cash, many investors are turning away from the sector to bet on safer values. Despite the decline, a study by Verified Market Research (VMR) estimates that the NFT market will reach $231 billion by 2030. At the time of this writing, the market capitalization does not exceed $22 billion.
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Facebook: NFTs are coming to your news feed
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