After months of waiting in the web3 community, NFTs are finally accessible on Facebook.
The news broke only a week after Meta CEO Mark Zuckerberg stated that the firm would soon begin testing for NFT support on Facebook. Navdeep Singh, a product manager at Meta, released screenshots of what users might expect to see on the platform in a tweet.
To begin, Zuckerberg announced that Instagram's NFT experiments will be expanded, allowing more creators to exhibit their crypto art on the platform. Following that, he announced that Facebook will begin its own NFT experiments with a select number of US-based producers. Once sufficient testing is finished, Zuckerberg noted that NFTs would be freed from consumers' feeds and will be able to spread across platforms. NFTs, in particular, will be able to be shared in Instagram Stories owing to SparkAR.
Zuckerberg also mentioned that cross-posting functionality will be greatly improved.
“We’re opening up the Reels Play Bonus program to more creators on Facebook soon and letting creators cross-post their Instagram Reels to Facebook and monetize them there too.”
And he clarified that individuals will also be able to cross-post their NFTs on Instagram and Facebook.
The adoption of Facebook NFT is tremendous!
The news that Facebook is now allowing NFTs on its platform is huge for the NFT space. The firm is the biggest social networking platform and dominates the industry. With over 2.9 billion monthly active users, it will introduce newcomers to the NFT marketplace. To put that figure in context, about 35% of the world's population uses Facebook on a daily basis.
In the tweet by Navdeep Singh, he states, “We’re launching NFTs on Facebook! Excited to share what I’ve been working on with the world.” However, it is essential to note that this is not a full rollout of NFT technology. The new ‘digital collectibles’ tab is only available in North America and for a small number of content creators.
Four screenshots of the Facebook app depict NFTs. These screenshots demonstrate the ability to upload NFTs to your timeline with additional display choices. Furthermore, clicking on the image will provide information about the larger art collection as well as the artist of each NFT.
When Meta first launched NFTs to Instagram, it was just for Ethereum (ETH) and Polygon (MATIC) NFTs. They did, however, indicate that they want to employ Solana and Flow in the future. It's uncertain whether Facebook will take a similar strategy, but this looks to be the most likely scenario.
Meta expects that eventually, NFT creators will be able to cross-post to all Meta platforms, including Facebook and Instagram.
There are no costs for NFTs on Facebook
Facebook has also stated that there would be no costs for NFT creators on their platform. Notably, it will not accept NFTs in any advertising. This is an essential decision because ads and commerce are increasingly prominent on the network.
In fact, the firm has learnt from the mistakes of previous social media companies that have used NFTs.
When Twitter initially launched its NFT profile photo system, participation cost $2.99. After much protest from the NFT community, they eventually made it completely free.
The larger picture is the metaverse
NFT adoption on Facebook and Instagram is part of Meta's grand metaverse goal. The firm is entirely devoted to the concept of the "metaverse" and aspires to be at the forefront of the web3 revolution.
Furthermore, Meta announced last week that they are investigating how producers might generate money on Facebook and Instagram. To do this, they are extending their existing monetization capabilities to a larger network of creators.
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