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Facebook users could soon experience NFTs on the platform

Facebook users could soon experience NFTs on the platform

Facebook users could soon experience NFTs on the platform | Photo Credit: REUTERS

Like other social media giants, Meta Platforms, Inc., has unveiled plans to enter the NFT (non-fungible token) market which saw record volumes and investor interest last year and early this year. Meta had started testing NFTs on Instagram, with Facebook soon to follow.

A Meta spokesperson reportedly confirmed to TechCrunch on Thursday that select creators in the USA could post and showcase their “digital collectibles” - Meta’s term for NFTs - on their profile as part of a slow rollout.

Furthermore, Navdeep Singh, a technical program manager for product at Meta tweeted a picture revealing what the interface for Facebook users interacting with NFTs might look like. The graphic showed how Facebook users could post, store, and browse through digital collectibles.

However, Meta has not yet posted an official announcement about NFTs launching on Facebook for all users. 

“Creators and collectors will be able to share their digital collectibles across Facebook and Instagram after we begin rolling out the feature on Facebook with select US creators at a later date,” stated a Meta release on June 22. 

The news comes during a bear market which saw cryptocurrencies crashing in price, dragging NFT trading volumes down with them.


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Printable version | Aug 7, 2022 11:52:57 pm | https://www.thehindu.com/sci-tech/technology/facebook-users-could-soon-experience-nfts-on-the-platform/article65588727.ece