The NFT hype is not going away anytime soon, and Meta is here to prove it. After launching NFT support on Instagram in May, Meta is launching digital collectibles support on Facebook, too. Just recently, Meta Product Manager Navdeep Singh tweeted about the launch of the new NFT display options on Facebook.
According to the screenshots he published, users can post NFTs on their timelines. Just like within Instagram, you will be able to see the owner of the artwork, the artist behind it and a brief description of the piece.
Read More: Instagram Introduces Digital Collectibles
How Will It Work?
Users will now be able to create custom NFT posts with a ‘Digital Collectible’ tag, and profiles will have a new section where they can show off their NFT art. Meta said that posting and sharing a digital collectible will be free of charge. However, converting digital collectible posts into ads is not allowed – yet.
The new feature is not available for all users. As was the case with Instagram in May, Facebook is starting the feature by offering it to a select group of creators in the US with a plan to expand to other regions.
Read More: Facebook’s Home Tab WIll Be A Discovery Engine
Facebook will offer support for Ethereum, Polygon, and all major exchanges by using the NFT details on the public blockchain. Also, NFT owners will be able to confirm their ownership by connecting their Rainbow, Trust Wallet, and MetaMask accounts.
The company also says it’s aware of the sustainability concerns connected to NFTs. To handle that, they’ve purchased renewable energy that should reduce the emissions impact associated with digital collectibles, TechCrunch reports.
Read More: Meta Introducing New Monetization Tools For Creators
Even though the NFT sales are in a 92% decline, Meta still sees the potential of the NFT market, especially when it comes to the future of metaverse and the representation of social status it comes with.
As Social Media Today noted, it seems like Meta wants to facilitate the sale of virtual items in its apps which is why it’s experimenting so much with an NFT marketplace.
Take a look at a Twitter discussion:
I right-clicked and saved all your NFTs. does that work in-app too? pic.twitter.com/gzT3KPpt0s
— sTAR🌈GONE🌈WRONg (@stargonewrong) July 1, 2022
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Tags - In The News, Social Media, Blockchain, Facebook, Meta, NFT