NFTs are now available on Facebook, also known as Meta, after months of anticipation in the web community3.
The announcement comes a week after Meta CEO Mark Zuckerberg said the company will soon launch testing for NFT support on Facebook.
NFTs on Facebook
The announcement that Facebook is rolling out NFT on its platform is big news for the NFT space. The company is the world’s largest social networking platform and dominates the industry.
With over 2.9 billion monthly active users it will open up the NFT market to people who have never used them, almost 35% of the world’s population uses Facebook on a daily basis.
In Navdeep Singh’s tweet, he said, “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 the NFT technology. The new “digital collectibles” tab is only available in North America and to a small number of content creators.
We're launching NFTs on Facebook! Excited to share what I've been working on with the world. pic.twitter.com/TaV66zRanV
— Navdeep Singh (@navdeep_ua) June 29, 2022
Pictured is the ability to publish NFTs to your timeline with new viewing options, and clicking on the image displays information about the broader art collection and the creator of each NFT.
When Meta introduced NFTs on the Instagram platform it was exclusively for Ethereum (ETH) and Polygon (MATIC) NFTs. But, they confirmed that they also have plans to use Solana and Flow in the future.
Meta expects that NFT creators will soon have the option to cross-post across all Meta platforms, including Facebook and Instagram.
There will be no charge for NFTs on Facebook
Facebook has also confirmed that there will be no fees for NFT creators on the social media platform. It is also significant that it will not allow NFTs in any type of advertising.
This is an important decision, as ads and purchases now play an important role on the platform.
When Twitter first introduced its NFT profile picture system, it cost $2.99 to participate. Eventually, after an outcry from the NFT community they made it completely free.
Facebook and Web3
The adoption of NFT on both Facebook and Instagram is part of a massive metaverse vision for Meta. The company is fully committed to the idea of the “metaverse” and wants to be at the forefront of the web revolution3.
Last week Meta confirmed that it is exploring how creators can make money on Facebook and Instagram. To do this, they are extending their existing monetization tools to a broader community of creators.
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