Meta is testing the sharing and posting of digital collectibles with selected US collectors and creators on Facebook and Instagram. This new rollout allows creators to connect their digital wallets to Facebook and Instagram to share NFTs they have created or collected. Currently, NFTs created using blockchain technologies such as Ethereum, Flow, and Polygon can be cross-posted across both Instagram and Facebook. MetaMask, Rainbow, Dapper Wallet, and Coinbase Wallet are some of the supported digital wallets. Users can post or share their digital collectibles with no additional fees.
— Meta Newsroom (@MetaNewsroom) August 29, 2022
What Does The Latest NFT Feature Rollout Mean?
In March 2022, Mark Zuckerberg highlighted the possibility of introducing NFTs on the Meta platform. It is one of the efforts taken by the company to move towards Web 3.0. Inter-compatibility within the metaverse is one of the key motivators for Meta. During his interview with podcaster Joe Rogan, Zuckerberg expressed his interest in decentralized governance for content censorship. He tried to push boundaries as the separation between Facebook and Instagram blurs daily, paving the way for interoperability within the Metaverse.
Cross-posting between Instagram and Facebook is nothing new, but the concept of sharing NFTs on social media platforms has not been done before. By posting digital collectibles after linking a digital wallet, both the creator and collector will be tagged on the blockchain. Users have to first link their digital wallet to either of the accounts. Once the digital wallet is linked, collectibles can be easily posted and cross-posted. Automatic tagging ensures that blockchain efficiency is maintained when digital assets are posted.
The Metaverse, which is still perceived as conceptual, is a tricky concept for non-technical people to understand. By allowing creators and collectors to post their digital art on social media accounts, Meta provides an opportunity to introduce NFTs and Metaverse to a larger audience. It helps increase the interest in NFTs among their followers, and creators can quickly get more people involved in NFT trades and investments. It will also increase the use of blockchain technology, empowering businesses to embrace Web 3.0 technology voraciously.
Meta has also made it easier for everyone to connect their digital wallet to their Facebook or Instagram account so that they can easily manage multiple cryptocurrencies using the same digital wallet. This linking has to be done once so that the posted digital art is always tagged automatically. It must be noted that no fee is charged for linking the wallet or posting content.
The Future of NFTs on Meta
According to Meta, this new rollout aims to improve the accessibility of emerging digital assets. It also lowers entry barriers, making the NFT space inclusive. Meta is also aware of blockchain technology’s sustainability issues and is planning to purchase renewable energy to offset the impact of carbon emissions. Currently, selected creators and collectors across the USA have access to this new feature. This access will expand to others worldwide soon enough. Meta is planning on expanding its investment in digital assets, and a Facebook rollout of digital collectibles and AR stickers on Instagram can be expected next.