After Instagram, NFTs land on Facebook

News hardware After Instagram, NFTs land on Facebook

As the NFT market registers its worst month since the beginning of the year, Meta has decided to expand the functionalities related to non-fungible tokens on Facebook. This news is hardly surprising since the parent company of facebook had already teased this innovation a few months earlier.

The panic around the NFT market lately does not seem to worry the giant American Meta more than that since the group has officially announced the arrival. of these famous NFTs on Facebook.

In parallel with the launch of its metaverse Horizon World in France, Meta continues to develop the uses of web3. After expanding NFT-related uses on Instagram to more than 100 countries, the company has officially announced the launch of similar features on its Facebook social network.

“You can now post digital collectibles to Facebook and Instagram. Connect your digital wallet to either app and start sharing your #NFTs today.” Meta announcement on Twitter.

Concretely, the addition of its functionalities can be summed up in three points:

  • The ability to connect your digital wallet containing NFTs (Rainbow, MetaMask, Trust Wallet, Coinbase, Dapper and Phantom)
  • The sharing of NFTs as well as its related information (description, serial number, creator, etc.)
  • The appearance of a “Digital collectible” mention when the NFT is authenticated on Facebook or Instagram

Unfortunately, if you are NFT collectors, you will have to wait since the update is not available in Europe. The test phase involves 100 countries in Africa, Asia-Pacific, the Middle East and America.

With this type of addition, Facebook faces its competitor Twitter, which has offered similar functionality via the Blue subscription for over a year. In this sense, the company intends to work twice as hard so as not to leave all the market share to its competitor Twitter.

Definitely, in 2022, Meta aims to emphasize non-fungible tokens (NFTs). Earlier this month, the parent company announced the arrival of NFT features on its Instagram social network.

The novelty available in a hundred countries allows users to discover the uses of “blockchained” virtual certificates through several uses. Concretely, users of the Instagram platform in the test countries can display and consult information related to the NFT directly on the application, like Twitter. Thus, collectors and creators were able to display their virtual property outside of traditional NFT platforms like Opensea.

Despite the bursting of the NFT speculative bubble, the GAFAM company clearly displays its ambition regarding these virtual tokens. In addition to the speculation around this NFT phenomenon, the web2 giant seems to be interested in the possibilities offered by the technology to its users.

By using blockchain technology to certify images or other content in the form of NFTs, the group aims to develop the economy of content creators on its platforms through these certificates of virtual properties. Well integrated, the technology could more efficiently secure the content issued on the platform and assert the rights of creators directly via the social network, among other things.

After integrating features related to NFTs on Instagram and Facebook, wouldn’t Meta be preparing the ground to implement NFTs in its Horizon World metaverse?

About NFTs

What is an NFT?

An NFT is the abbreviation of Non Fungible Token or non-fungible token in French. NFTs are cryptographic tokens issued on a blockchain.

By exploiting this technology at the genesis of cryptocurrencies, NFTs inscribe inviolable properties in this virtual register. As a result, NFTs are true attestations of digital ownership.

Is an NFT necessarily an image?

A distinction must be made between an NFT and the object associated with it. Indeed, the non-fungible token is above all a virtual property certificate and not the digital file as such. An NFT is usually associated with a photo or video, but it can also take the form of text, music or any other digital or physical format.

What is an NFT used for?

NFTs are generally used to assert property rights online. Thus, the owner of a token of a virtual work can collect royalties, ensure respect for the intellectual property of his digital object, etc.

This feature has notably enabled the NFT to shine in art by creating value and rarity in digital images available on the web. Also, beyond art, this technology offers multiple uses in several sectors such as in video games, the traceability of a product, etc.

How is the value of an NFT defined?

These tokens are non-fungible, i.e. they have a unique value unlike cryptos, which are fungible (1 bitcoin = 1 bitcoin).

The price of an NFT is therefore arbitrarily set by the owner of the token. This price is usually in cryptocurrency, most of the time in Ether (ETH).

How to buy and sell NFTs?

NFTs are generally bought or resold on trading platforms such as Opensea or Foundation.

What is an NFT mint?

The “Mint” or strike in French, is the initial sale process of a token. To permanently become part of the blockchain ledger, these new tokens must be mint. By this action, the user comes to complete a transaction with his fees to see his token appear first hand on the blockchain.

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After Instagram, NFTs land on Facebook

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