As of October 1st, all Facebook and Instagram users across the US can now connect their digital wallets and share NFTs or digital collectibles. Support for NFTs will be available to all Instagram users in the 100 countries across the Asia Pacific, Africa, the Middle East, and the Americas where the feature is supported.
With more than 2.9 billion Facebook users and 1.4 billion Instagram users, the new update will expand the reach of Meta NFT features. Meta rolled out NFT features across its platforms in May of this year, starting with Instagram and then adding support for Facebook in June.
In both cases, the company started with a limited number of users.
Everyone on @instagram and @facebook can now share their digital collectibles in the US, and on Instagram in the previously announced 100+ countries. Creators like artist Lívia Elektra are sharing their #NFTs on our apps.
Meta expands access to NFTs
In August, the company announced a cross-posting feature that allows users to post NFT collectibles to their Facebook and Instagram accounts.
According to Meta, the feature demonstrated the “interoperability” of NFT assets that can be plugged into different platforms. The feature currently supports collectibles on three blockchains: Ethereum, Flow, and Polygon, with Solana support coming soon.
The feature is available under the “digital collectibles” tab located in the settings in both mobile apps. An NFT is a blockchain token that represents ownership of a unique digital item. Some of the popular use cases include digital artwork and collectibles, as well as interactive video game items.
The NFT market brought in around $25 billion in trading volume during 2021. That momentum continued apace in the early months of 2022, but the NFT market has lost a lot of steam since the broader crypto market crash began in May.
Overall sales volume is down significantly, while prices for many of the best NFT collections have dropped dramatically. However, this did not completely stop sales. Artist Tyler Hobbs sold nearly $17 million worth of NFTs this week, while one CryptoPunks NFT sold for $4.5 million.
The company's CEO, Mark Zuckerberg, said that the company's revenue is "stagnant or even slightly declining" for the first time in its 18 years of existence, and added that he hopes the economy will be more stable. While enabling digital collectibles isn't Meta's first step in the Web3 direction, the company is hoping for more success than previous attempts – they've already abandoned the Diem stablecoin, and their Horizon Worlds Metaverse has had a lot of criticism.
A year after this company's entry into the Web3 space and with very little progress, Zuckerberg is hoping for a victory that NFTs may bring.