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Meta lets users post NFTs on Facebook, Insta: How will it work?

Meta lets users post NFTs on Facebook, Insta: How will it work?

August 31, 2022 / 11:08 AM IST
Representational image. [Image: Shutterstock]

Representational image. [Image: Shutterstock]

Meta has announced that select Facebook users in the US can now exhibit block-chain verified digital collectibles, or non-fungible tokens (NFTs), thanks to a new feature. Till now the feature was only available on Meta's other major platform Instagram.

"We’ve started giving people the ability to post digital collectibles that they own across both Facebook and Instagram. This will enable people to connect their digital wallets once to either app in order to share their digital collectibles across both," Meta said in an updated blog.

Also Read: Snickers maker Mars teams up with NFT brand KINGSHIP to create limited edition M&M's

Users can now display their NFTs on Facebook and access their wallets on both platforms by simply connecting them to anyone. Meta had earlier announced that its Instagram Digital Collectibles feature will be accessible in more than 100 nations.

Wallets from Rainbow, MetaMask, Trust Wallet, Coinbase Wallet and Dapper Wallet are being supported by the firm along with the blockchains of Flow, Polygon, and Ethereum.


What are NFTs?

NFTs are digital tokens that have unique cryptographic properties which enable the blockchain to verify the originality and ownership of digital assets including artworks, parcels of virtual lands, and collectibles.

How the NFT feature will work on Facebook

Connecting a digital wallet

Once connected, creators and collectors will have the ability to choose which NFTs from their wallet they would like to share on Instagram.

Sharing digital collectibles

When a maker or collector publishes a digital collectible, it will have a shimmer effect and be able to show open data like the NFT's description. Posts will be shown on their profile.

Automatic tagging of both the creator and collector

The creator and collector can be automatically attributed in the digital collectible post (subject to their privacy settings).

Why the push for digital collectibles

Facebook has been aggressively focusing on extending itself farther into new novel sectors since it changed its name to Meta in 2021. Mark Zuckerberg-led Meta has been attempting to make its platform more digital collector-friendly given the popularity of NFTs worldwide.

In a significant step three weeks ago, Meta extended the reach of its Instagram NFT function to 100 nations in the Americas, the Middle East, Africa, and the Asia-Pacific.

The digital collectibles push is a part of Meta's bigger bet on Metaverse, which Meta sees completely materialising in around 15 years. The metaverse can include virtual reality — characterised by persistent virtual worlds that continue to exist even when you're not playing — as well as augmented reality that combines aspects of the digital and physical worlds.

NFT market tanks

Notably, the announcement comes at a time when interest in NFTs appears to be waning. The amount of transactions on OpenSea has decreased 99 percent from its highs, according to statistics gathered by CoinGecko, turning the top NFT marketplace into a pale shadow of what it once was.

Fan tokens, on the other hand, have gone the other way and reached record heights.

A fan token is a digital asset created on a blockchain that grants its owner access to a service that sports organisations provide to their fans through the app You only pay for Fan Tokens once, so there is no need for a subscription.

The resumption of league seasons throughout the world, which began their fresh campaigns during the previous three weeks, has led to the spike in fan token transaction volumes.
Murtuza Merchant is a senior journalist and an avid follower of blockchain and cryptocurrencies.
first published: Aug 31, 2022 11:08 am
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