Meta has introduced a new feature that allows users to cross-post NFTs on Instagram and Facebook.
Meta has introduced This feature allows users to share their NFTs, which can be minted on Ethereum, Polygon, or Flow, across their profiles on Facebook and Instagram. Users can link wallets like MetaMask, Rainbow, Coinbase Wallet, Dapper Wallet, and Trust Wallet to both applications, sharing their digital assets with their circles.
Meta shared, “As we continue to launch digital collectibles on Facebook and Instagram, we are empowering users to showcase their owned collectibles on both platforms. This means you can connect your wallet to either app just once and enjoy seamless sharing.” wrote about recent updates.
Martin Noam Slutzky, co-founder of Alef&Sky, remarked, “Meta’s integration of NFTs into Instagram and Facebook could significantly advance the NFT ecosystem by enhancing accessibility, resulting in a more inclusive environment for the global online community. Digital collectibles are set to become essential in how individuals engage with virtual experiences and assets.” InvestingNFT Back in May, Meta began exploring the incorporation of NFTs on Instagram.
Meta began Initially, the feature was limited to select creators from specific regions, but later, Instagram's head, Adam Mosseri, expressed the company's vision to expand NFT functionality. Meta conducted trials of NFT features with various creators in the U.S. and indicated intentions to introduce NFTs via Spark AR for Instagram stories. By July, creators from over 100 countries could access NFT functionalities on the platform. allow creators to earn money from their NFTs.
In June, Zuckerberg announced Today signifies another milestone for Meta concerning NFTs. However, the ability to cross-post digital collectibles on both platforms is, for the moment, restricted to U.S. users. shared plans In contrast to platforms like Twitter and Reddit, which have adopted NFTs primarily for profile pictures, Meta is taking a different approach by enabling users to display their digital collectibles in a traditional post format. became available This move comes at a time when the NFT market is experiencing a downturn. Recent statistics reveal that OpenSea's trading volume in August was at its lowest in a year, tallying up to only $473 million, a sharp drop from January's peak of $4.85 billion.
An analyst stated to Metaverse Post, “While there’s considerable enthusiasm surrounding Meta’s NFT integration, it’s uncertain if this will have an immediate impact on the larger NFT market. The current market dynamics are predominantly influenced by trading volumes of digital collectibles across various chains, with Ethereum and Solana leading the pack. Essentially, NFTs remain a niche segment of the broader crypto landscape.”
He further mentioned, “However, Meta’s potential to facilitate mass adoption could manifest over time, as they provide their vast user base of over 3 billion individuals with access to NFTs on supported chains.”
It is undeniable that Meta's move to embrace NFTs signals a step towards widespread acceptance of blockchain technology. Gabriela Reyes, CEO and co-founder of a notable firm, voiced her thoughts on this topic, stating: Dune Analytics “Historically, many NFTs have been overpriced, but how sustainable is that? The current decline in NFT prices may indicate we are approaching a time of ‘standardization’ where values will better reflect their real worth,” Reyes noted. “Social networks like Meta are paving the way for this ‘normalization’ and a surge in NFT adoption, ultimately influencing price changes. I believe Meta stands to gain significantly from this trend, becoming a trailblazer in popularizing NFTs alongside the rise of Web3 and moving closer to realizing the metaverse.”
Sebastian Menge, the COO of Fitburn Meta continues to experiment with NFTs on Ethereum and Polygon on Facebook.
The incorporation of NFTs into Instagram raises questions about its influence on the broader Web3 adoption.
OpenSea is developing a ‘connect to Instagram’ feature intended to verify linkages between various accounts. LivelyVerse Please remember that the details shared on this page do not constitute legal, tax, investment, financial or other advice. It’s crucial to only invest what you’re comfortable losing and seek independent financial counsel if you have uncertainties. For more insight, we encourage users to review the terms and conditions as well as the help pages provided by the issuer or advertiser. Metaverse Post strives for precise and objective reporting, but market conditions can change without prior notice.
Agne is a journalist focusing on the latest trends and advancements within the metaverse, AI, and Web3 sectors for Metaverse Post. Her enthusiasm for storytelling has led her to engage with numerous experts, always in pursuit of captivating and meaningful narratives. She holds a Bachelor’s degree in literature and has a robust writing background covering diverse topics such as travel, art, and culture. Additionally, she has volunteered as an editor for an animal rights group, advocating for awareness around welfare issues. Reach out to her at.
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