NFTs are coming to your news feed

Meta has just announced the arrival of NFT on Facebook. From now on, the social network will allow you to share a digital work certified on the blockchain directly on its wall.

Facebook, the social network that matters over 2.9 billion users worldwide, opens to non-fungible tokens (NFT). Under the impetus of Mark Zuckerberg, the platform will allow internet users to do so publish the digital collectibles in their possession on their wall.

So wait for it your news feed will soon contain NFT, as shown in the example posted by Facebook. Sharing a token is like any other post. A badge that announces “digital collector” it will still be displayed on the image.

© Meta

To view their NFTs for their friends to see, users will first need to do so connect their digital wallet to the facebook interface. Rainbow wallets, MetaMask, Trust Wallet, Coinbase Wallet and Dapper Wallet are supported. Initially, Meta focuses on integrating four blockchains: Ethereum, Polygon, Solana and Flow. These are the most popular blockchains for authenticating digital works. Meta specifies itno commissions will be charged for this service.

Note that the Silicon Valley giant had already tested adding NFT to Facebook over the summer. The company allowed some content creators to publish certified works on the blockchain a few weeks ago. It was also possible to use an NFT as a profile picture.

Also Read: Napster Bets On NFTs And Cryptocurrencies To Come Back

NFTs are also spreading on Instagram

In parallel, Meta has already started doing it Integrate NFT into Instagram in May 2022. But, so far, only a handful of creators have been able to post their digital works on their Instagram account. The feature is now open to all Internet users. Note that Meta had already extended the NFT view to more users in early August. The group had opened the program, still in the experimental phase, to another hundred countries.

Unfortunately, Europe was excluded at that time. With the announcement of this August 29, could non-fungible tokens soon reach all users, even in Europe? For the moment Meta does not specify when the functionality will actually be available in European countries, on Facebook or Instagram. Be that as it may, the deployment of the option promises to be gradual.

By integrating NFTs into its social networks, Meta fetches on Twitter. The microblogging platform has in fact allowed the use of an NFT as a profile photo since January 2022.

NFT, an indispensable element of the Meta strategy

Non-fungible tokens are an integral part of Meta’s development strategy. According to Mark Zuckerberg, NFTs are essential for the creation of the metaverse, the digital world in virtual and augmented reality. Meta expects metaverse users to purchase digital items there in the form of NFTs.

With this in mind, the group opened a virtual clothing store intended to dress up avatars. To generate profits, Meta expects to recoup a 47.5% commission on each sale. This is why NFTs are at the heart of the metaverse economy. The American giant hopes this approach will allow it to revive its growth, which has been at half-way since its metaverse division has accumulated losses.

The implementation of the novelty comes when the NFT market is in the red. Prices for most of the collections plummeted following the cryptocurrency crash. Deprived of some of their liquidity, many investors are moving away from the industry to bet on safer values. Despite the decline, a Verified Market Research (VMR) study estimates the NFT market will catch up 231 billion dollars by 2030. At the moment, the market capitalization does not exceed $ 22 billion.

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