- Summary:
- Meta has announced that users on its Facebook and Instagram platforms can now share their NFTs. We discuss this and its potential impact.
Tech titan Meta has said that all Facebook users will soon have the option to upload and display NFTs on their profiles. Additionally, users can now share NFTs from their wallets on Meta’s social media platforms, Facebook and Instagram. However, at the moment, only users in the United States are able to cross-post NFTs on both Instagram and Facebook.
Long way to go as Meta builds its metaverse foundation
Since May 2022, Meta has been doing tests on NFTs on FB and IG. The latest development is merely an extension of these previous stages. Furthermore, even before Instagram officially supported NFT, artists were sharing their works there. Instagram had previously said that it was looking into the possibility of enabling online sale of digital collectibles in order to provide creators with additional revenue streams.
Currently, users can share digital collectibles created on Ethereum, Polygon, and Flow by linking their wallets such as Rainbow, MetaMask, Trust Wallet, Coinbase Wallet, and Dapper Wallet. While Twitter and Reddit have primarily concentrated on NFT-based avatars, Meta is expanding its user base by offering capabilities that will allow users to display their digital treasures in posts.
Over the past six months, Meta’s NFT operations have expanded to 100 countries. The NFT posts will have a shimmer effect, and they will be able to display information that is available to the public, such as a description. For the global NFT market, the latest developments potentially a boost to a segment that has been struggling in recent months.
On the other hand, Meta is accredited as one of the driving forces behind the “metaverse boom” and this is likely another step towards giving users a sneak peek into its metaverse ambitions. Investors will be keen to be see whether the latest move by the company will help trigger an NFT revival or even help its own stock recover from recent lows.