Meta recently announced that all U.S.-based Facebook and Instagram users will be able to connect their NFT wallets and easily showcase their NFTs. They will also be able to cross-share and cross-post NFTs since both platforms are under the same brand.
Source: Facebook
This is not the social media giant’s first foray into the Web3 space. Before this, it had announced, then abandoned, the Diem Stablecoin and Novi Wallet projects. There is also the Horizon Worlds Metaverse app, which has drawn ridicule and criticism due to its low quality.
With its latest NFT integration, the company is surely hoping for its first web3 success. And since the platforms are already well established (Facebook has 2.9 billion users and Instagram has 1.4 billion), it looks like digital collectibles will finally deliver the win that Zuckerberg and co. have been looking for.
Here’s a quick breakdown of the features:
- Connect Your Digital Wallet:
The platform currently supports MetaMask, Rainbow, and Trust Wallet, while Phantom, Coinbase, and Dapper wallets will be available in the future. Once connected, buyers and creators can display their NFTs on Instagram and Facebook. They will not be charged any fees for posting or sharing a digital collectible.
2. Sharing NFTs:
The NFT posts will have a shimmer effect and highlight displayed along with the public information available about the collectible.
3. The Automatic Tagging Feature:
Whenever an NFT is shared, the original creator and collector will be automatically tagged in the post (depending on their privacy settings).
Meta’s Mega Plans for NFTs
Source: Facebook
NFT showcasing is the latest of many web3 features Meta has been rolling out over the past few months. The company first started Instagram’s NFT integration for select creators and collectors in May; in June the integration came to Facebook. Cross-posting started in August.
The feature was also added to Instagram for over 100 countries that support NFTs and Instagram. When it comes to Facebook, however, international users will have to wait for a bit.
Source: Twitter
Meta follows on the heels of Reddit in NFT adoption. Zuckerberg's giant has reportedly sunk $10 billion into its Metaverse arm, Reality Labs, and it was recently revealed that the company’s revenue has been “flat to slightly down for the first time” in its 18 years of operation. With this latest move, Meta is hoping to get a piece of the rapidly growing NFT market that is likely to become a multi-billion dollar industry by 2030.
Sources:
1. https://about.fb.com/news/2022/05/introducing-digital-collectibles-to-showcase-nfts-instagram/
2. https://www.cnbc.com/2022/02/02/meta-reality-labs-reports-10-billion-loss.html
3. https://cointelegraph.com/news/nft-market-worth-231b-by-2030-report-projects-big-growth-for-sector
4. https://www.entrepreneur.com/business-news/meta-stock-continues-to-fall-as-the-company-freezes-hiring/436387
