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Meta Expands NFT Integration Into Facebook

By Crypto BriefingCryptocurrencyAug 30, 2022 02:49AM ET
www.investing.com/analysis/meta-expands-nft-integration-into-facebook-200629164
Meta Expands NFT Integration Into Facebook
By Crypto Briefing   |  Aug 30, 2022 02:49AM ET
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Meta announced today that NFTs will now be available on Facebook (NASDAQ:META) as well as Instagram.

Key Takeaways

  • Meta is expanding its NFT integration plans to Facebook.
  • While the announcement was short on details, it is likely that Facebook will integrate into the same blockchains and wallets as Instagram.
  • This is the latest move on Meta’s part to integrate into Web3 and develop its own Metaverse.

According to a new statement from Meta, Facebook users can now connect their crypto wallets to the platform and share their NFTs.

NFTs on Facebook

Meta is forging ahead with its NFT plans.

The social media giant stated today that Facebook users will now be able to connect digital wallets to share their NFTs on the platform. Meta had previously declared that it would expand its Instagram NFT integration pilot to 100 countries in Africa, Asia-Pacific, the Middle East, and both North and South America.

While today’s announcement did not clarify which blockchains and wallets would be supported, Facebook’s NFT integration will likely be the same as Instagram’s. If this is the case, it would mean that Rainbow, MetaMask, Trust Wallet, Coinbase (NASDAQ:COIN) Wallet, and Dapper Wallet would all be connectable, with accepted blockchains limited to Ethereum, Polygon, and FLOW.

Meta did not indicate whether the Facebook integration would be a pilot program or if it would have the same reach as the Instagram program. It also did not mention whether Europe would be added to the list of supported continents and whether other major NFT blockchains, such as Solana, were planned for integration. Though the statement also did not mention fee structures, it would appear unlikely that any will be introduced if the Instagram NFT program is any indication.

Previously known as Facebook, Meta declared it would develop its own Metaverse when it rebranded itself to its new name last October. The move has been met with skepticism from the crypto community, with Ethereum creator Vitalik Buterin claiming that Meta’s plans would “misfire” as “it’s far too early to know what people want [from a metaverse].”

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Meta Expands NFT Integration Into Facebook
 

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Meta Expands NFT Integration Into Facebook

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