Wednesday, October 5, 2022

Meta Platform Begins NFT Testing on Facebook

After months of designing and test-running on Instagram, Meta Platforms has started testing a non-fungible token (NFT) icon on Facebook. Navdeep Singh, Meta’s Product Manager displayed several pictures on Twitter showing the NFT collections and samples of a creator’s page.

At the beginning of 2022, the multinational tech company announced plans to integrate NFTs into most of its daughter platforms. Facebook and Instagram were the focus, although it is likely to trickle down to Whatsapp in the long term. 

Meta Platforms began the integration process of NFTs first on Instagram in May. Just a few US-based creators have the icon already. Mark Zuckerberg, CEO of Meta Platforms assured the public that the test will be expanded to reach users in other regions soon. 

Presently, only a group of content creators on Facebook will be granted access to the trials which may feature Polygon and Ethereum NFTs. An icon will be visible on their timeline to help showcase their work in the form of NFTs. Although, gradually soon, other creators will have the icon on their timelines too.

Expansion of the digital collectibles on Instagram to other international creators started last week. Extensively, these NFTs are either minted on Polygon or Ethereum. A few of them are from Solana and Flow as well.

With the process fully completed, cross-posting between Instagram and Facebook will be permitted. This is a recent and major feature that is being introduced by Meta Platforms. 

Meta Plunges Deeper Into Web3.0

The technology company constantly seeks the means to expand its presence in the Web3.0 space since its rebranding from Facebook to Meta last year. To bolster its stance in the Metaverse, Meta joined Crypto Open Patent Alliance’s (COPA’s) Board.

While many projects in the blockchain ecosystem have turned out to be successful, Meta had undertaken some endeavors which were overturned. Diem, a stablecoin project backed by Meta, shut down after selling its assets to Silvergate Capital Corporation earlier this year.

Meta’s plan is to create a marketplace where these NFTs will be minted, bought, and sold. Meta plans to utilize the marketplace to raise a competitor to traditional NFT trading like OpenSea.

Victoria Nye
A Blockchain columnist who is enthusiastic about developing a network interface between the real world and the cryptosphere.

Related Articles

Stay Connected

0FansLike
0FollowersFollow
2,042FollowersFollow

Latest Articles

%d bloggers like this: