Facebook, now known as Meta, has begun rolling out NFTs for select US-based creators on its flagship social network. If successful and deployed on a larger scale, users will be able to connect their crypto wallets to their Facebook profiles.
Testing Ethereum And Polygon-Compatible NFTs
Initially, Facebook will start with Ethereum and Polygon compatible NFTs. However, once testing for them is completed, it will also add support for NFTs based on Flow and Solana, revealed a representative from Meta. Navdeep Singh, Product Manager at Meta, took to Twitter to offer a sneak peek into what the NFTs will look like on Facebook, stating,
“We’re launching NFTs on Facebook! Excited to share what I’ve been working on with the world.”
Users will be able to access a “Digital Collectibles” tab on their Facebook profiles, where they will be able to access and showcase their NFTs. NFTs are unique blockchain tokens signifying ownership. Users will be able to connect their cryptocurrency wallets to their Facebook profiles. They can also turn their NFTs into Facebook posts, allowing other users to like, react, and comment on them, just like they would be able to on a regular post.
Wooing Web3 Enthusiasts
Martin Bryant, tech and media consultant, stated that the argument was targeted mostly at the Web3 space and that Meta was looking to “offer a home to Web3 folk.” The company has recently started testing several changes to Facebook Groups, giving them a look and feel inspired by Discord.
The Arrival Of Instagram NFTs
Just last month, Meta CEO Mark Zuckerberg had announced that NFTs would soon be making their way to the popular social media platform Instagram. Addressing a session at the “South by Southwest” event, Zuckerberg stated that
“Over the next several months, the ability to bring some of your NFTs in, hopefully over time, be able to mint things within that environment.”
The Meta founder further added that they are working on a few technical aspects that needed to be ironed out before the minting process happens seamlessly. He had alluded to a similar offering coming to Facebook, along with augmented reality NFTs that will be available on Instagram stories via Spark AR.
Instagram had, in an earlier announcement, stated that NFTs shared on the app would automatically tag the creator of the NFT and the collector. The announcement also stated that the company would not be charging any fee for posting NFTs while also allowing collectors to use their NFTs as augmented reality stickers. According to the Head of Instagram, Adam Mosseri, NFT features are coming to Instagram due to the growth of creators and the creator economy on the platform. He had stated back in May,
“Now, we think one really interesting opportunity for a subset of creators is NFTs—the idea of owning a unique digital item.”
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
