October 5, 2022
By Anjali Kochhar
Facebook and Instagram users in the United States can now connect their crypto wallets and share their digital belongings on the platform, Meta announced in a statement.
These users can also cross-post their digital collectables across both Facebook and Instagram. This feature was earlier only available to select influences and creators on the platform.
“Once a creator or collector posts a digital collectible, it will have a shimmer effect and can display public information, such as a description of the NFT. Posts will also be visible on their profile,” said Meta in a blog post dated May 10.
The platforms will automatically tag both the creator and the collector of the NFT, depending on their privacy settings.
Last year, in December, Instagram head Adam Mosseri had hinted that social networking platform was exploring NFTs actively.
“Nothing to announce yet but we are definitely actively exploring NFTs and how we can make them more accessible to a broader audience,” said Mosseri at the time.
Also, before that, it was reported that teams at Facebook and Instagram are working on “readying” a marketplace feature that would allow users to create and sell NFTs.
This new Meta feature comes just as the global NFT market is going through a major decline.
According to a report by crypto analytics platform DappRadar, the NFT market’s trading volume decreased by 75 per cent, or $2 billion in the third quarter of 2022, compared to the previous quarter. At the same time, the top 100 NFT projects on Ethereum saw a combined 44 per cent decrease in value.
About the author
Anjali Kochhar covers cryptocurrency stories in India as well as globally. Having been in the field of media and journalism for over three years now, she has developed a sharp news sense and works hard to present information that goes beyond the obvious. She is an avid reader and loves writing on a wide range of subjects.