Mark Zuckerberg Announces NFT Integration in Facebook

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Meta CEO Mark Zuckerberg discloses that Facebook users will now be able to display their prized non-fungible tokens (NFT) in the platform. The initiative is part of the company’s plans to help the creators of their social media apps Facebook and Instagram to make more money on the platforms.

“Rolling out more ways for creators to make money on Facebook and Instagram — and sharing updates that will help creators build for the metaverse. We’re heading towards a future where more people can do creative work they enjoy, and I want platforms like ours to play a role in making that happen.” –Mark Zuckerberg, Meta CEO

According to Zuckerberg, the integration of NFTs in Facebook will initially be just limited to a few US-based creators to test the waters.

Last month, Meta started allowing a few US-based creators to display their NFTs on Instagram, a photo-sharing platform. According to Adam Mosseri, Instagram head, there are no fees associated with posting or sharing a digital collectible on the platform. (Read more: Instagram Testing NFTs This Week; Facebook To Begin Soon)

October last year, Meta, the company behind Facebook and Instagram, changed its name from Facebook to “bring the metaverse to life and help people connect, find communities and grow businesses.” 

Along with the name change announcement was Zuckerberg’s declaration of their desire to venture into NFT—which is currently being rolled out as mentioned above.

Moreover, aside from NFTs, Meta also expressed their plans to release virtual coins, tokens, and lending services on its apps as it assembles preliminary plans for the possible launch. (Read more: Meta Exploring Non-Blockchain-Based Virtual Currency)

Prior to these metaverse ventures, Meta suffered several failed attempts of launching the cryptocurrency platform Diem Payment Network. (Read more: Facebook’s DIEM Formerly Known as Libra Shuts Down Without Ever Launching)

On the other hand, Novi, Facebook’s digital wallet has successfully acquired a Virtual Asset Service Providers (VASP) license from the Banko Sentral ng Pilipinas (BSP) by the end of 2021. (Read more:  PayMaya and Facebook Novi Philippines Receive Virtual Currency Exchange License from the BSP)

This article is published on BItPinas: Mark Zuckerberg Announces NFT Integration in Facebook

Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.

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