Just when you thought we have gotten the most of NFTs and the hype is beginning to fade, Meta (formerly known as Facebook) decides to pump the wave by starting its Ethereum and Polygon NFTs testing on various U.S. creator’s profiles.
Facebook has confirmed that they will be proceeding with Ethereum and Polygon NFTs, but will soon expand to also add support features from Solana and Flow Decrypt confirms.
Meta product manager Navdeep Singh posted some screenshots on his Twitter account which confirms that Facebook will now create custom NFT posts along with a “Digital Collectible tag” also profiles will have a new section dedicated to showing off your NFT artworks. See the tweet below:
We're launching NFTs on Facebook! Excited to share what I've been working on with the world. pic.twitter.com/TaV66zRanV
— Navdeep Singh (@navdeep_ua) June 29, 2022
In addition, users will be able to connect their cryptocurrency wallets to their profiles. Users will also be able to turn their NFTs into Facebook posts which can receive reactions, likes, and comments, and also be shared just like any other post.
Just like Instagram which started its NFT support back in May, When users tap on these images, information like who owns the artwork, and who created it, also with a little description of the work will show.
Instagram also announced that NFT posts shared on the platform will auto-tag the NFT creator and the collector also that there will be no charge for posting NFTs on the app.
Currently, all crypto-connected products as we are all NFTs are facing a downtime reflecting largely on broader economic trends. There have been some arguments by Tech and media consultant Martin Bryant that Meta looks to be the home to Web3 folks, bearing in mind that the company also recently began testing stages to make Facebook groups look more like Discord.
Reports from The Wall Street Journal recently showed that NFT sales are recently declining by 92% since last year September. It has also been reported that trust in NFTs as an investment opportunity has also been declining due to constant scams and exploits which have seen lots of investors lose tons of money.
Head of Instagram, Adam Mosseri explained that Instagram is launching these features in parts because of the growing economy for creators.
“Now, we think the one interesting opportunity for a subset of creators is NFTs—the idea of owning a unique digital item,” Mosseri said in May.
NFTs on Instagram 🎉
This week we’re beginning to test digital collectibles with a handful of US creators and collectors who will be able to share NFTs on Instagram. There will be no fees associated with posting or sharing a digital collectible on IG.
See you next week! ✌🏼 pic.twitter.com/VuJbMVSBDr
— Adam Mosseri (@mosseri) May 9, 2022
We still keep our fingers crossed as to when the full Facebook NFT features will go live for all users on the platform. 36crypto will be sure to keep you posted when there is an update as regards this information.
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