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Facebook Begins Testing NFTs With Select Creators in the US

Cryptocurrency Jul 01, 2022 08:30AM ET
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© Reuters Facebook Begins Testing NFTs With Select Creators in the US

  • Facebook (NASDAQ:META) will start with Ethereum and Polygon NFTs, but it will soon add support for Solana and Flow NFTs.
  • This feature allows artists to show NFTs on their profiles under a new tab, and the artwork will be labeled “digital collectibles,” much like Instagram.
  • If the technology is widely adopted, users will be able to link their bitcoin wallets to their Facebook accounts.

Meta, formerly known as Facebook, has announced that it will be testing non-fungible tokens (NFTs) with select creators in the United States. The social media giant will start with Ethereum and Polygon NFTs, but it will soon add support for Solana and Flow NFTs.

This feature allows artists to show NFTs on their profiles under a new tab, and the artwork will be labeled “digital collectibles.” If the technology is widely adopted, users will be able to link their bitcoin wallets to their Facebook accounts. This would allow for easy peer-to-peer transactions of NFTs on the platform.

In a tweet on Wednesday, Meta Product Manager Navdeep Singh revealed how NFTs will look on Facebook. The post states that users’ Facebook profiles would feature a “digital collectibles” area where they may display their NFTs, which are special blockchain tokens that represent ownership.

Users will be able to connect their Facebook accounts to their bitcoin wallets. They will also have the choice of converting their NFTs into Facebook posts, which can be shared, liked, commented on, and responded to just like any other post.

According to Bryant, Meta’s claim “clearly wants to accommodate Web3 people” because the firm has just started testing modifications to Facebook Groups that will make them “more like Discord.”

The social networking behemoth has begun to roll out NFTs on Instagram for select creators “in a few of countries,” according to The Meta spokesman. Instagram previously stated that once you upload or share NFTs on the app, it will automatically tag the product’s creator and collector. There are also no posting or sharing costs. Collectors will also be able to use NFTs as augmented reality stickers. According to Instagram’s CEO, Adam Mosseri, the company’s decision to include NFT features was influenced by the growing creative economy.

Facebook’s move into the world of NFTs comes as the popularity of digital assets continues to grow.

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Facebook Begins Testing NFTs With Select Creators in the US
 

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