Meta Launches NFT Display on Facebook

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More than a week after the announcement of Meta CEO Mark Zuckerberg, social media network Facebook officially begins testing non-fungible token (NFT) integration on its platform. Currently, the testing of Polygon and Ethereum-based NFTs has already started among a selected group of creators on Facebook, according to Navdeep Singh, Meta’s Product Manager.

With this innovation, Facebook users will now be able to create custom NFT posts, with a ‘Digital Collectible’ tag. Moreover, profiles will also have a new, dedicated NFT section to show off their non-fungible assets and artworks.

Last June 21, Zuckerberg announced that Meta will “bring this feature (NFT display) to Facebook soon too – starting with a small group of U.S. creators – so people can cross-post” what they shared on Instagram as well. (Read more: Mark Zuckerberg Announces NFT Integration in Facebook)

In May, Meta priorly started allowing a few US-based creators to display their NFTs on Instagram. 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)

Displaying these digital assets along with their data is made possible by Facebook sourcing the information on the blockchain where these NFTs are minted. So far, Facebook is set to provide support for Ethereum, Polygon, and all the major exchanges. NFT owners will also be able to connect their Rainbow, Trust Wallet and MetaMask accounts to verify NFT ownership.

October last year, Facebook changed its name to Meta with the aim to “bring the metaverse to life and help people connect, find communities and grow businesses.” (Read more: Global Companies Building in the Metaverse)

Meta has also expressed their plans to release virtual coins, tokens, and lending services on its apps. (Read more: Meta Exploring Non-Blockchain-Based Virtual Currency)

Prior to these 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: Meta Launches NFT Display on 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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