More than 100 countries in Africa and the Asia-Pacific region will soon be able to use Non-fungible tokens on the Facebook platform.
Facebook has said they are testing Polygon and Ethereum-based NFTs. NFT market value has been on the downslide, which is consistent with the current cryptocurrency market.
How do NFTs work – Zuckerberg Takes First Giant Step Towards NFTs?
Users can now share their NFTs across Instagram and Facebook. You can share and post your digital collectibles for free on Instagram. However, the company stated it won’t allow for monetization with ads for now.
You can connect your Instagram and Facebook accounts with a Digital Wallet, including Rainbow, MetaMask, and TrustWallet. The Network has also confirmed that Coinbase Wallet and Dapper Wallet are being deployed soon.
Users can now connect MetaMask to Ethereum, with many more available options such as Polygon and Flow. Developers are adding new wallets, like Phantom Wallet, so that users can quickly expand the range of crypto tokens they can trade.
There are a few ways to share NFTs on Instagram: Posts in the main feed, stories, or DMs. They will be seen with a shimmering effect on your profile that provides details of the item. Once it’s posted, it may connect with related Solana-based NFTs in the future.
What Does The Vision For the Future Look Like Of Meta?
Users can now share their virtual collectibles from Spark AR in the same manner as an AR sticker on Instagram Stories. Earlier this year, Mark Zuckerberg had hinted at the company’s potential to make steps towards augmented reality and 3D collectibles.
With this integration, the company hopes to bring more web3technology to their NFTs by allowing content creators to use it to make content and then connect with their followers. The new technology will payoff better accessibility for more communities as well.
The move may signal the social network’s eagerness to enter the metaverse, with Twitter enabling NFT profile pictures for premium users, YouTube CEO Susan Wojcicki expressing interest in embracing the NFT market for content creators as well as popular Stock Market influencer Reddit allowing its users to purchase blockchain-based profile pictures for a fixed rate.
Meta might have felt pressured to enter the market of blockchain-based games (NFTs) before it was too late.
What does the public think about Meta’s non-fungible token plan?
Responses by Twitter users were mixed but mostly positive and excited about the exposure that this integration brings.
To reduce the emissions created by Digital Collectible Integration, Facebook will use renewable energy in various areas.
In Q2 of 2022, the company earned $28.8 billion in revenue and $8.36 billion in operating income and had a decrease year-over-year for both metrics. CEO expressed optimism for Metaverse opportunities once it matures over time.
The NFT market grew in popularity in 2021. The market has developed strong footprints since the beginning of the year and is already worth $20 billion by 2022.
Diverse aspects of the news influence the fluctuating market.
Flow Blockchain has increased by 44% in the past day, with all of that happening after Meta announced its integration with Dapper Wallet and Coinbase Wallet. Although it was down 1.07% at $167.
Coinbase’s stock price shot up over 31% because they announced a partnership with BlackRock, according to sources.
Prices for Ethereum currently stand at $1620, down 2% from yesterday. The only way to tell how correct Zuckerberg’s instincts are is to see what happens in the future.
