Facebook will provide a “digital collectibles” button on producers’ timelines to showcase their work, supporting nonfungible tokens (NFTs). On Thursday, the manager of the Meta technical program Navdeep Singh tweeted screenshots of a creator’s page and NFTs.
The same day, a representative for Meta, the corporation that owns Facebook, informed TechCrunch that the introduction of NFTs on Fb will be slow and start with a small group of American producers.
The ability to cross-post across Facebook and Instagram, another Meta trait, will eventually be available to NFT producers. NFTs are being tested by Instagram’s Spark AR augmented reality platform.
Following Facebook, Instagram expands the NFT trial to international users
Instagram last week opened up its NFT testing to users outside of the United States. The program enables the display of NFTs created on Polygon and Ethereum, with plans to also support Solana and Flow NFTs.
According to CEO Mark Zuckerberg, Meta said in May that it had started testing NFTs on Instagram and that Fb will “soon” do the same.
The NFT display capabilities would soon be applied to other Meta-owned applications including WhatsApp and Facebook Messenger, he continued.
In October 2021, Facebook changed its name to Meta. It has been attempting to grow in Web3, however not entirely successfully. After facing stiff resistance from authorities all around the world in February, Meta abandoned its plan to introduce the Diem stablecoin.
But Meta submitted trademark requests for a Meta Pay payment system in May, and Zuckerberg declared on June 22 that Meta Pay will take the place of Facebook Pay.
According to Zuckerberg, Meta Pay will be accessible on Facebook, Instagram, WhatsApp, and Fb Messenger.
It looks that Meta will not begin selling NFT on the social media platform, as a company representative told TechCrunch that Meta “indicated that it won’t offer the opportunity to transform digital collection postings into advertisements for now.”
On the company’s Meta Quest app store, which offers software and games for Meta’s metaverse, the sale of NFTs is anticipated to begin.