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Facebook starts testing new NFT tab with select creators in the US

Meta technical program manager Navdeep Singh displayed screenshots of NFTs on Twitter.

Meta, Meta AR platform, Meta VR platform, Meta AR OS, Meta AR glasses, Meta Oculus Quest, Meta Facebook, Facebook AR OSFacebook CEO Mark Zuckerberg announces their new name, Meta, during a virtual event in this file photo.( Image credit: AP)

Facebook has begun testing a new digital collectables tab with select creators in the US. Creators will be able to display their non-fungible-tokens (NFTs) on their timelines. Meta technical program manager Navdeep Singh displayed screenshots of the digital collectables support on Twitter. According to the screenshots, clicking on NFT posts will show details about that digital collectable, such as the name of the collection and its creator.

This comes after Meta CEO Mark Zuckerberg said that the company is exploring plans to allow users to create, showcase and sell NFTs on Facebook and Instagram. Facebook will integrate with Ethereum, Polygon, Solana and Flow blockchain networks to facilitate this. Users will have to add their crypto wallets such as Metamask and prove their NFT ownership before showcasing it on the platform.

The rollout of NFTs on Facebook would be gradual, beginning with select creators in the United States. “Eventually, NFT creators will be able to cross-post between Facebook and Instagram, another Meta property. Instagram is also testing NFTs in its Spark AR augmented reality platform,” a Meta spokesperson told Techcrunch.

Notably, Instagram leader Adam Mosseri said in December last year that his social network was “actively exploring” NFTs. In an Instagram Q&A posted to his Stories, Mosseri was responding to a question about his thoughts on integrating NFTs into Instagram. He said, “Nothing to announce yet but we are definitely actively exploring NFTs and how we can make them more accessible to a broader audience.” Before that, Zuckerberg also spoke in October about how the metaverse will need to support “ownership of digital goods or NFTs.”

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Meanwhile, the NFT sales since April have dropped by 150 per cent, as per CryptoSlam tracker. The average price of an NFT has dropped from $589 in April to $192 in June, a drop of 67 per cent in the value. The number of transactions happening in the NFT space is also witnessing a significant drop from 62 lakh transactions to 27 lakh transactions.

The Bored Ape Yacht Club (BAYC) NFT collection is now trading below $100,000 for the first time since August 2021. The floor price has been down by 100 per cent since May when BAYC NFTs were selling at $200,000 each.

First published on: 01-07-2022 at 12:24:22 pm
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