Today, Meta founder and CEO Mark Zuckerberg announced that both Facebook and Instagram platforms would allow users to connect their wallets and share NFTs on their social media pages. The announcement comes at a time when NFTs have generally received negative sentiments across the crypto space.
The announcement is meant to improve the quality of the experience on both social media platforms under the Meta umbrella. According to Mark Zuckerberg, the move will increase interactions on social media platforms and allow creatives to access more monetization opportunities for NFT creators.
The newly announced NFT capabilities for both Facebook and Instagram are a massive step for Meta. The move solidifies Meta’s ambitions to continue exploring the possibilities of blockchain technology and Web 3 within its platforms. Given the large user base of both Facebook and Instagram, incorporating NFTs could lead to explosive growth spiked by demand.
Often techies and crypto enthusiasts talk about NFTs, Web 3, and blockchain technology in general. The subject remains relatively new to the average internet user. The ability to share NFTs across Facebook and Instagram will undoubtedly increase awareness of NFTs and spark further interest.
As the crypto market approaches ten months into the bear market, there is minimal enthusiasm around NFTs at the moment, and many who purchased these non-fungible tokens are less enthusiastic. However, NFT prices do not necessarily depend on the happenings within the crypto space.
Facebook and Instagram’s journey with digital collectibles?
According to the announcements, the updated features will be available to US-based users of both platforms. The upgrade allows users to connect to their digital wallets to facilitate the process. Posting NFTs to these social media platforms will require users to connect their NFT networks to Meta.
Currently, there are limited options for the blockchain networks available for seamless connections to Facebook and Instagram. Currently, users can connect to third-party blockchain wallets such as Trust Wallet, Dapper Wallet, Coinbase wallet, and Metamask wallet.
Similarly, the princess currently supports digital collectibles minted on the Polygon network, the Ethereum network, and the Flow network.
Prior to this recent announcement, Mark Zuckerberg’s team have been working hard on digital collectibles, announcing developments. Throughout the year, the team announced their plans to include NFTs on Instagram until July, when Meta launched its NFT support in 100 countries.
Although NFT features are available on Instagram in more than 100 countries, the recently released feature that allows for cross-posting on both platforms is only limited to US users.
The move aims to kill two birds with one stone. As social media platforms open up to the digital collectibles market space, it provides digital creators with a broader audience and an opportunity to sell their products. Similarly, the additional features will continue to create awareness and demystify the Web 3 ecosystem to regular social media users who will be able to scroll through different NFTs as they do pictures.
The Meta platform is playing a long-term game as it will undoubtedly profit from sales of digital assets. Considering the user base on Facebook and Instagram, successfully turning them into an online marketplace for NFTs with integrated Wallets from various blockchains can prove profitable.