Meta allows users to post NFTs as posts on both Instagram and Facebook. Users can link different wallets. A label will then appear next to posts. NFTs have fallen sharply in popularity in recent months.
Meta writes in a blog post that it is expanding the test it started months ago. The company was then experimenting with the possibility of placing non-fungible tokens, or NFTs, on the company’s social media platforms. Nfts are images that reside on the blockchain and therefore have a unique identifier. This would link them to individual users, although the actual images can still be downloaded and distributed. Facebook has already tested the function among a limited number of users in different countries, but the Benelux was not among them.
Facebook now says that “digital collectibles” can be posted on Facebook and Instagram as posts. Users can link wallets such as Rainbow, MetaMask, Trust Wallet, Coinbase Wallet, and Dapper Wallet. NFTs can be minted on the Ethereum, Polygon and Flow blockchain. When users post an NFT, it will be accompanied by a label with ‘digital collectable’.
According to a faq users can post both photos and videos. If a user makes a post containing the image of the nft, he can tag the rightful ‘owner’ in it.
Several other social networks are also experimenting with non-fungible tokens. For example, Reddit lets users make nft’s of their Snoo avatars. Twitter does same with profile pictures. Nfts are rapidly losing popularity, after the value of the digital drawings rose sharply at the end of last year. The value of most NFTs, number of active users and NFTs traded on OpenSea trading place plummeted in recent months. At the end of last year it also appeared that gamers had little interest in NFTs in Ubisoft games.