Facebook is going to Promote Non Fungible Tokens

A phased deployment that will begin in the United States will provide a new tab on the Facebook timelines of content producers that will display nonfungible tokens. Facebook is going to promote nonfungible tokens (NFTs) by adding a “digital collectibles” option for producers to exhibit their work on their timelines. On Thursday, the Meta technical program manager Navdeep Singh shared images of NFTs as well as a creator’s page on Twitter.

The same day, a spokesman for Meta, the parent company of Facebook, informed TechCrunch that the deployment of NFTs on the website will be incremental, starting with chosen artists in the United States. This information was provided by the spokesperson. Creators on NFT will eventually have the ability to cross-post between Facebook and Instagram, which is another site owned by Meta. Additionally, non-fungible tokens are being tested on Instagram’s augmented reality platform, Spark AR.

The New Follower Test on Instagram was made available to users outside of the United States last week. The display of non-fungible tokens (NFTs) produced on Ethereum and Polygon is supported by this app; support for other NFTs created on Solana and Flow is in the works.

Meta Pay would be Accessible on Facebook as well as Instagram,

In May, Meta made the announcement that it will begin testing NFTs on Instagram. According to Mark Zuckerberg, CEO of Facebook, the social media platform would “soon” follow suit. He also said that other Meta-owned applications, such as WhatsApp and Facebook Messenger, would soon have NFT display capabilities.

In October of 2021, Facebook changed its name to Meta. It has made significant attempts to broaden its presence on Web3, but not all of those efforts have been fruitful. In February, after encountering substantial pushback from authorities all across the globe, Meta decided to abandon its efforts to launch the Diem stablecoin. Despite this, Meta submitted trademark applications for a payments platform called Meta Pay in May, and on June 22, Mark Zuckerberg stated that Meta Pay will be replacing Facebook Pay.

According to what Zuckerberg indicated, Meta Pay would be accessible on meta as well as Instagram, WhatsApp, and Messenger. On the other hand, a spokeswoman for the firm shared with TechCrunch that Meta “indicated that it won’t provide the opportunity to transform digital collection postings into advertisements for now” on Facebook. As a result, it looks that Meta will not begin NFT sales on that platform.

On the firm’s Meta Quest app store, which provides apps and games for Meta’s Metaverse, the company plans to begin selling NFTs at some point in the near future.

Also read: Frank Zappa is Going to Be a Part of the Metaverse, According to Universal Music.