Meta announced that Facebook and Instagram users in the US can now connect their crypto wallets and share their digital collectibles on the platform. These users can also cross-post their digital collectibles across both Facebook and Instagram. This feature was earlier available to select influences and creators on the platform.
Once a user connects their wallet to the platform, they will be able to choose which NFTs they want to share on Facebook or Instagram. “Once a creator or collector posts a digital collectible, it will have a shimmer effect and can display public information, such as a description of the NFT. Posts will also be visible on their profile,” said Meta in a blog post dated May 10. The platforms will automatically tag both the creator and the collector of the NFT, depending on their privacy settings.
During a Q&A posted on the platform in December last year, Instagram head Adam Mosseri said that the social networking platform was “actively exploring” NFTs. “Nothing to announce yet but we are definitely actively exploring NFTs and how we can make them more accessible to a broader audience,” said Mosseri at the time.
Also, before that, FT had reported that teams at Facebook and Instagram are working on “readying” a marketplace feature that would allow users to create and sell NFTs.
This new Meta feature comes just as the global NFT market is going through a major decline. According to a report by crypto analytics platform DappRadar, the NFT market’s trading volume decreased by 75 per cent, or $2 billion in the third quarter of 2022, compared to the previous quarter. Similarly, the top 100 NFT projects on Ethereum saw a combined 44 per cent decrease in value.