Thursday, December 8, 2022

Meta Adds NFT Sharing Functionality to Instagram, Facebook

Instagram and Facebook users in the United States are now permitted to share their prized non-fungible token (NFT) possessions. This is according to a Thursday blogpost where Meta says the millions of U.S.-based users on both platforms will now be able to connect their wallets to their accounts. Those include wallets from MetaMask, Rainbow, Coinbase, Dapper Labs, and Trust. 

The news follows Meta’s earlier announcement in July when it began testing the NFT functionality. At the time, Meta chose only a select few U.S.-based creators and collectors of digital collectibles to work with. But the firm also promised to come up with additional features as time passes. According to Meta, it will continue to think of new ways that the technology will be of immense benefit to creators and collectors alike. 

Furthermore, Meta claims that the updated NFT sharing functionality will also be available to users in some 100 countries other than the U.S. The statement reads in part:

“Additionally, everyone in the 100 countries where digital collectibles are available on Instagram can now access the feature.”

Meta to Advance Web3 Ambitions?

Notably, the NFT feature highlights Meta’s intensified efforts toward the Metaverse and ultimately Web3.0. Although there once were rumours that the company intends to build its own Metaverse. But that line of thought was recently dispelled by Nick Clegg, Meta’s president of global affairs. According to Clegg, there’s no ‘Microsoft internet’ or ‘Google internet’ today. And so Meta has no such plans to create a Meta-run Metaverse.

Whatever might be the case, today’s announcement is in line with Meta’s efforts to make money by creating tools and add-ons that play into the broader Metaverse.

Interestingly, the announcement also follows after Mark Zuckerberg, recently sold an NFT of his childhood baseball card for over $100,000.

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