Wednesday, October 5, 2022

Facebook Launches NFT Support

In what appears to be a follow-up to its Instagram-based NFT integration back in May, social media giant META has now rolled out a similar NFT support for its Facebook users. The firm revealed this in a Monday announcement, confirming that users may now post their NFTs on the platform. META said in part:

“We’ve started giving people the ability to post digital collectibles that they own across both Facebook and Instagram.”

In addition to the ability to display personal NFTs on individual profiles, META also confirms that users can connect their digital wallets to their social media apps. However, that would be done only once. That is, a user may only connect their wallet to either one of the Instagram or Facebook apps. After doing this, they may then share their digital collectibles across both apps.

This integration follows after a successful testing phase that began on June 30. The testing phase was announced by Product Manager Navdeep Singh and was rolled out to a select few creators.

Facebook NFT support to usher in massive adoption of digital collectibles?

It is worth mentioning that with the new Facebook integration, NFTs might be about to see an explosive adoption. The social media platform notably boasts billions of users globally, which means an unprecedented amount of new audiences are about to be exposed to NFTs.

It’s also important to note that the impact of the NFT integration on Facebook is already evident in some areas. Meta is known to support three blockchains, namely; the Ethereum blockchain, and the layer 2 blockchains Polygon and Flow. And interestingly, shortly after news broke about the Facebook integration, Flow’s native token FLOW began rallying in response. As of publication, the token is up by over 5% per CoinMarketCap data.

It remains unclear, however, whether or how Meta – Facebook’s parent company, intends to monetize the feature.

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