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Meta’s move to enable NFTs on Facebook and Instagram will bring digital collectibles to about 3 billion users worldwide.
Technology giant Meta Platforms Inc (NASDAQ: META) has announced that Facebook (NASDAQ: FB) users can now begin to post their non-fungible tokens (NFTs) on their Facebook accounts. That means that Meta customers can directly post their NFTs on both platforms – Facebook and Instagram. The social media powerhouse started with the integration of NFT Instagram in May. Meta has now updated the May 10 blog post to announce its support for NFTs through both Instagram and Facebook.
According to the update, people can now post their digital collectibles on both Meta-owned platforms. As such, NFT owners will be able to connect their digital wallets to either of the two platforms in order to share their digital collectibles on both. Apart from connecting a digital wallet and sharing NFTs, the new feature will automatically tag the creator and collector of digital collectibles while sharing on social media platforms.
“As we continue rolling out digital collectibles on Facebook and Instagram, we’ve started giving people the ability to post digital collectibles that they own across both Facebook and Instagram. This will enable people to connect their digital wallets once to either app in order to share their digital collectibles across both.”
Facebook Joins Instagram in NFTs Support
Meta’s move to enable NFTs on Facebook and Instagram will bring digital collectibles to about 3 billion users worldwide. This means that the integrations will expose NFTs to a large audience to NFTs. The company said it would begin with testing this week, involving select US creators and collectors. While creators and collectors can share NFTs they have created or bought, no fees will be required for posting or sharing on Instagram.
The latest push by Facebook to cross-post NFTs is another indicator that Web2 companies are relentlessly pushing towards Web3. Currently, the Facebook parent company supports Ethereum, Polygon, and Flow NFTs on its two social media platforms. Also, the crypto wallets acceptable by the company for sharing and verifying NFTs include Rainbow and Trust Wallet. Others are Coinbase Wallet, MetaMask, Rainbow, and Dapper.
Since Meta acquired Instagram, the boundary between the two platforms has gradually disappeared. Firstly, users are able to cross-post their stories across Facebook and Instagram. The same goes with the usual posts- users can upload the same picture or video on both platforms via either.
Meta has been down for the past year, losing more than 58%. In addition to a separate 52.68% decline, the company has also plummeted 18.43% in the last three months. Data shows that Meta Platforms stock is down 0.48% over the past month and 2.38% in the last five days.
Twitter (NASDAQ: TWTR) became the first social media platform to embrace NFTs at the start of 2022.