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Facebook Rolls Out NFT Testing for the User Profiles

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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.

The first applications for Facebook NFT have been revealed Here
Facebook Rolls Out NFT Testing for the User Profiles 2

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.

Meta Announces New Metaverse & Web3-Aligned Online Creator Tools

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Meta unveiled a host of features for online content creators that it claims would increase the scope for revenue generation, allow creative expression, and enhance user engagement.

Announcing the same, CEO Mark Zuckerberg also said it is expanding some of its current monetization tools to attract more creators.

First, creators would not be charged for online events, fan subscriptions, or badges, until 2024. which was previously kept till 2023.

Besides that, Meta is testing a marketplace on Instagram to bring creators and brands together for future collaboration via a partnership messaging folder within Instagram DMs.

As per sources, the proposed creator’s marketplace would compete with TikTok’s similar marketplace, which is the video app’s in-house influencer marketing platform, in a bid to woo more creators to its platform.

In terms of the firm’s existing monetization tools, the chief exec announced enhancing current offerings like the Facebook Reels Play Bonus program to onboard more creators and also let creators cross-post their Instagram Reels to Facebook and monetize them there as well.

The Reels Play Bonus program is a part of Meta’s larger $1 billion creator fund and will go live next week.

Meta’s NFT Display Now On Facebook

After Meta’s pilot testing of NFT display options on Instagram back in May, the firm is now expanding the test pool, bringing the digital collectibles feature to Facebook, ‘starting with a small group of US creators’.

For U.S.-based influencers, one is eligible to apply for the Facebook Reels Play bonus program if they have created more than five Reels and have a total of a minimum of 100k views in the past 30 days.

Not only that, the firm is planning to extend a virtual platform called Facebook Stars to all eligible creators from now on. Here fans can offer support for their favorite creators and buy merchandise.

“Beginning this week, creators who have at least 1,000 followers over the last 60 days will be eligible to onboard. Creators must be in a region where Stars are available and must also meet Meta’s Partner Monetization Policies and Content Monetization Policies”, the report read.

Can Instagram dethrone OpenSea as the largest NFT marketplace?

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Mark Zuckerberg’s recent announcement of Instagram hosting NFT sent the crypto community into a tizzy. In March 2022 at the South by Southwest [SXSW] conference, Zuckerberg said, “Hopefully, in the next few months, you’ll be able to mint NFTs within Instagram.”Prior to this, Adam Mosseri, the head of the social networking platform had shared that it was “definitely actively exploring NFTs”.

Proponents believe this might be the turning point as the popular social media platform has a user base of more than a billion people. In fact, analysts from Deutsche Bank went on to predict that the addition of blockchain-based digital works of art on Instagram can lead to an influx of millions of new users and possibly generate billions in revenue for the social media giant.

Until now, OpenSea managed to remain the undisputed king. With their 1.4 million users and trading volume worth $23 billion, they are at the top of the NFT game. In Jan 2022 alone, the platform saw $5 million worth of NFT sales. But with the introduction of these unique digital tokens on Instagram, Opensea might finally meet its match.

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Can Instagram dethrone OpenSea as the largest NFT marketplace? 4

One cannot deny the fact that the NFT marketplace is an extremely lucrative place as seen from its widespread adoption by firms around the world. So, it’s understandable why a social networking site decides to plunge into the highly competitive NFT market.

Instagram will top 2 billion monthly active users in 2023

Besides experts from Deutsche Bank envisioned that Instagram will have 2.2 billion monthly active users in 2023. According to their estimates, even if a mere 2 percent of those users start trading NFTs, it would open up a marketplace of 44 million people. This is roughly 31 times more users than Open sea.

Earlier this year, a new NFT platform for Instagram called Everlens went live. The platform championed itself as the first NFT marketplace dedicated to social networks, allowing over 1.4 billion Instagram users to connect to the Everlens NFT marketplace and trade their posts for NFTs.

It uses the ELEN cryptocurrency as the main token to power the marketplace, enabling users to create, buy, sell, swap, and display a wide range of unique digital artifacts.

Meta to roll out ‘Zuck Bucks’ for Instagram and Facebook Users

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Mark Zuckerberg’s Meta is working on virtual currency for Facebook and Instagram users, dubbed “Zuck bucks” by staff.

It is part of a suite of goods aimed at reducing his platforms’ reliance on advertising in the future metaverse.

Meta, Facebook’s parent company, is working on a variety of virtual goods, including digital tokens and “creator coins,” to diversify revenue and re-energize its user base, which is rapidly flocking to upstart competitors like TikTok.

Meta is the largest social media network provider, with revenues rising 37% to $118 billion in 2021.

As advertisers clamored to access Facebook and Instagram’s 4.9 billion monthly active users, TikTok has built up a significant non-ads economy centered on in-app purchases and e-commerce.

Meta is looking for alternative revenue streams

As the popularity of its key social networking sites, such as Facebook and Instagram, declines, the firm, led by CEO Mark Zuckerberg, is looking for new income sources and features to attract and keep users, a trend that threatens its $118 billion-a-year ad-based business model.

According to many people familiar with the work, Facebook’s finance unit, Meta Financial Technologies, has been researching the establishment of a virtual currency for the metaverse, which employees internally have called “Zuck Bucks.”

“Social tokens” or “reputation tokens” are examples of products that might be utilized as incentives by consumers. It’s also looking into “creator coins,” which influencers on Instagram might use.

TikTok, like Amazon’s Twitch, has a tipping system where fans may buy coins and then use them to buy presents for their favorite producers.

Creators may also buy coins to utilize tools like Promote to raise the popularity of their TikTok videos and gain more viewers or followers.

The projects, sponsored by Facebook’s financial department, Meta Financial Technologies, come after the company’s ill-fated attempt to develop a worldwide cryptocurrency, dubbed Libra and subsequently Diem, which was shelved earlier this year because of regulatory concerns in the United States.

That wasn’t the first time Facebook has considered entering the virtual money realm. It introduced Facebook Credits in 2009 to allow in-app purchases in then-popular games like Zynga’s FarmVille.

While it was a success, it was shut down four years later due to Facebook’s worldwide expansion, which necessitated costly currency changes.

Meta is also considering entering the realm of non-fungible tokens (NFTs), with ambitions to integrate them into social media platforms such as Instagram and Facebook.

Mark Zuckerberg Reveals That Instagram Will Entail NFT Features Soon

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NFTs will be available on Instagram shortly. Mark Zuckerberg stated that digital artifacts would be coming to Instagram “in the near term” while speaking at SXSW.

“We’re working on bringing NFTs to Instagram in the near term,” he said. He didn’t go into specifics about how it would work, but he did say that individuals would be able to show off their current NFTs and maybe mint new ones.

“I’m not ready to announce exactly what that’s going to be today. But over the next several months, the ability to bring some of your NFTs in, hopefully over time be able to mint things within that environment.”

NFTs had already piqued the curiosity of Zuckerberg and other executives, with Instagram’s senior executive Adam Mosseri stating that the firm was “actively researching” the technology. The Financial Times reported that the business hoped to include NFTs into its crypto wallet Novi in January.

Mark Zuckerberg envisions NFTs as a part of everyday activities

NFTs might one day play a part in the company’s future metaverse, according to Zuckerberg, who spoke on Tuesday. “I’d hope that the apparel that your avatar wears in the metaverse can be basically minted as an NFT, and you can transport it between your different places,” he added.

“There’s like several technical stuff that needs to be sorted out before it can truly be smooth to happen.”

Zuckerberg, famed for wearing the same gray t-shirt every day, also said he now shops mainly on Instagram and Facebook. “I probably bought most of the items I wear through Instagram, Facebook Shops, or advertisements,” he explained.

Zuckerberg’s comments back up a January story from the Financial Times that Meta was looking at bringing NFTs to Instagram.

Both Facebook and Instagram were in the midst of the building and “readying” features that would enable users to show NFTs as profile images, as well as a prototype system that would allow users to mint new NFTs on either site at the time.

Although Mark did not comment on this specific feature of NFTs, there appears to be internal debate about establishing a marketplace for users to purchase and trade NFTs.

Last December, Instagram CEO Adam Mosseri stated that NFTs were an “interesting arena” in which Instagram might actively participate to “support creators.”

Facebook and Instagram Reportedly Working on Allowing Users to Create, Display, Sell NFTs

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According to The Financial Times, social media giant Metawas considering allowing users to build, promote, and trade NFTs on Facebook and Instagram.

If the corporation launches such tools, it will be the most visible demonstration of significant support for NFTs so far, helping to cement the controversial assets’ place in the digital world.

According to the Financial Times, the plans are “early stage and may still change.” According to the journal, staff at Facebook and Instagram are “preparing” a feature that would allow users to show NFTs as profile pics and work on a prototype that will allow users to mint more NFTs. Others at Meta are said to be talking about “launching a platform for users to purchase and trade NFTs.”

What are NFTs?

Non-fungible tokens (NFTs) are digitalized tokens unique in the blockchain network. What an individual is willing to pay for determines its worth. As a result, demand drives pricing.

NFTs, on the other side, are one-of-a-kind and rare; thus, no two are the same. Picture Pokémon cards, rare coins, or a pair of limited-edition Jordans: NFTs create scarcity in otherwise infinitely available assets, complete with a certificate of authenticity. Digital artwork that may be acquired and sold with NFTs includes GIFs, tweets, virtual trade cards, photos of physical objects, and photographs of tangible items are examples of digital artwork that may be purchased and sold using NFTs.

Exactly how far along these plans are is impossible to say, but it’s not the first show of interest in NFTs we’ve seen from Meta’s leaders. Last December, Instagram CEO Adam Mosseri stated the firm is “currently exploring NFTs and how we can make them more accessible to a larger audience,” while Meta CEO Mark Zuckerberg said the metaverse would need to enable “ownership of digital goods or NFTs” in October.

Because the tech giants are jumping on the NFT bandwagon, this could create an enormous opportunity and marketspace for artists to showcase their unique NFT collection. They need to provide a more secure platform because many obvious scams show that any photoshop experts can replicate any famous NFTs and lure buyers into their scam.


NFTs could soon be arriving on Instagram

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NFT or Non-fungible token is soon to debut in Instagram as per a recent announcement by Adam Mosseri the head of the social networking platform. In a Q&A session posted to his Instagram Stories, Mosseri answered positively to a question on whether the social platform is looking to dive into the world of NFTs.

The top exec responded that it is “definitely actively exploring NFTs” and weighing options on how to make it “more accessible to a broader audience”. Mosseri went on to term NFT as “an interesting place that we can play and also a way to hopefully help creators” while giving no further details on any official announcements on the same.

Previously, there were reports circulating with regards to the Meta-owned photo-sharing app working on this crypto space earlier this year. Subsequently, in July 2021, App developer Alessandro Paluzzi did share details about the possibility of Instagram bringing its native non-fungible tokens as the platform was looking to work on Collectibles.

According to Paluzzi’s tweets, Instagram posts that would offer NFTs might come with a label named “Collectible” to inform users about the particular NFT that they purchased. However, the platform did not confirm these details.

On a different note, Instagram launched an array of new features this week such as Playback, Reels replies, and Profile embed. The IG playback feature in particular enables users to share their memorable stories from 2021 and show them again in a montage. Another latest offering is the Reels visual reply feature that lets users take a comment and create a reel from that comment.

Coming to the Profile embeds feature, Instagram is extending the ability to embed photos and video posts on the platform on websites into user profiles. Debuting first in the United States, the feature lets users embed a “miniature version” of their Instagram profile on a website. That being said, let’s delve into the latest entrants in the NFT domain.

Adidas’ emergence into the NFT market

Adidas Originals have announced the upcoming launch of their nonfungible token collection titled Into the Metaverse. The collection’s sale took place via the company’s official website on Dec. 17. A few days ago, Tronweekly reported on a new NFT marketplace called Fractal launched on Solana blockchain by Twitch founder Justin Kan.