After Instagram, NFTs land on Facebook

News hardware After Instagram, NFTs land on Facebook

As the NFT market has its worst month since the beginning of the year, Meta has decided to expand the functionality related to non-fungible tokens on Facebook. This news is not surprising as the Facebook parent company had already anticipated this news a few months earlier.

The panic around the NFT market lately does not seem to worry the American giant Meta too much since the group has officially announced its arrival. of these famous NFTs on Facebook.

Parallel to the launch of its Horizon World metaverse in France, Meta continues to develop the uses of web3. After extending NFT-related uses on Instagram to more than 100 countries, the company has officially announced the launch of similar features on its social network Facebook.

“You can now post digital collectibles on Facebook and Instagram. Connect your digital wallet to one of the apps and start sharing your #NFTs today. Meta ad on Twitter.

Concretely, the addition of its functionalities can be summarized in three points:

  • The ability to connect your digital wallet containing NFTs (Rainbow, MetaMask, Trust Wallet, Coinbase, Dapper and Phantom)
  • Sharing NFT and related information (description, serial number, creator, etc.)
  • The appearance of a “Digital collectible” mention when the NFT is authenticated on Facebook or Instagram

Unfortunately, if you are an NFT collector, you will have to wait as the update is not available in Europe. The test phase involves 100 countries in Africa, Asia-Pacific, the Middle East and America.

With this kind of addition, Facebook takes on its competitor Twitter, which has been offering similar functionality via the Blue subscription for over a year. In this sense, the company intends to work double to not leave all the market share to its competitor Twitter.

Surely, in 2022, Meta aims to emphasize non-fungible tokens (NFT). Earlier this month, the parent company announced the arrival of NFT features on its social network Instagram.

The novelty available in a hundred countries allows users to discover the uses of virtual “blockchain” certificates through different uses. Specifically, users of the Instagram platform in the test countries can view and consult information relating to the NFT directly on the application, such as Twitter. Therefore, collectors and creators were able to show their virtual property outside of traditional NFT platforms such as Opensea.

Despite the bursting of the NFT speculative bubble, the GAFAM company clearly shows its ambition regarding these virtual tokens. In addition to speculation about this NFT phenomenon, the web2 giant seems to be interested in the possibilities offered by technology to its users.

Using blockchain technology to certify images or other content in the form of NFTs, the group aims to develop the economy of content creators on its platforms through these virtual ownership certificates. Well integrated, the technology could more efficiently protect content released on the platform and enforce creators’ rights directly via the social network, among other things.

After integrating NFT-related features on Instagram and Facebook, wouldn’t Meta be preparing the ground to implement NFT in its Horizon World metaverse?

About NFT

What is an NFT?

An NFT is short for Non Fungible Token or non-fungible token in French. NFTs are cryptographic tokens issued on a blockchain.

Leveraging this technology to the genesis of cryptocurrencies, NFTs register inviolable properties in this virtual ledger. Consequently, NFTs are true claims of digital ownership.

Is an NFT necessarily an image?

A distinction must be made between an NFT and the object associated with it. The non-fungible token, in fact, is above all a virtual ownership certificate and not the digital file as such. An NFT is usually associated with a photo or video, but it can also take the form of text, music, or any other digital or physical format.

What is an NFT for?

NFTs are generally used to enforce property rights online. Therefore, the owner of a token of a virtual work can collect royalties, guarantee respect for the intellectual property of its digital object, etc.

This feature has in particular allowed NFT to shine in art by creating value and rarity in digital images available on the web. Furthermore, beyond the art, this technology offers multiple uses in different sectors such as in video games, in the traceability of a product, etc.

How is the value of an NFT defined?

These tokens are not fungible, i.e. they have a unique value unlike cryptocurrencies, which are fungible (1 bitcoin = 1 bitcoin).

The price of an NFT is therefore arbitrarily set by the token owner. This price is usually in cryptocurrency, most often in Ether (ETH).

How to buy and sell NFTs?

NFTs are typically bought or resold on trading platforms such as Opensea or Foundation.

What is an NFT mint?

The “Mint” or strike in French, is the initial sale process of a token. To permanently join the blockchain ledger, these new tokens must be new. With this action, the user gets to complete a transaction with his fees to see his token appear in first person on the blockchain.

Leave a Comment