Meta (formerly Facebook) has made no secret of the fact that it aims to rule all things in the metaverse and NFT space. Yet another step towards this domination has been taken by integrating NFTs within its social media apps. To all intents and purposes, this can be looked at as allowing for Facebook NFTs and Instagram NFTs.
While NFTs have exploded in popularity during 2022, it makes sense that Meta would devise a way that brought them to its platforms. At the helm of Meta is, of course, Mark Zuckerberg who has long described his passion for all things metaverse. This latest move seems to be suggesting that a decentralized metaverse, where users can create, and monetize those creations, is getting closer to being a reality.
On the horizon since March 2022
The idea of Facebook and Instagram NFTs was first made public back in March of this year. At this time there was little detail provided by Meta as to what plans were in the pipeline. However, the mere thought of what could come of this generated a huge amount of excitement.
It took another two months and then, come May, Meta started to work on this much-anticipated project. By August 4th, Instagram NFTs were born with users from 100 countries able to post their digital collections. These collectibles had to be minted on the Flow blockchain to be linked to wallets that supported Ethereum or Polygon blockchains.
The latest update
So, where are we now with Instagram and Facebook NFTs? Well, the latest announcement centered on the fact that Facebook was now also included alongside Instagram. This means that users of both platforms are now able to connect their digital wallets and share their collectibles.
With Facebook having just shy of 3 billion users, and Instagram having around 1 billion active users each month, the potential here is extraordinary. There is the chance for NFTs to be shared with the masses and even further demystified.
Just one limitation
If you’re keen to start sharing NFTs across Meta social media platforms, there is just one limitation: you can only connect your digital wallets to the apps on your smartphone. This means that you’re going to struggle if you rely on third-party browsers to access your accounts.
It’s fair to say that the vast majority of users these days turn to an app, so this limitation is unlikely to cause many issues. Its impact will certainly be limited.
Is Meta making another move into crypto?
With a failed stablecoin launch a distant memory, it appears that Meta may be, again, about to venture into crypto. This time in the payments sector. With an application filed with the US Patent and Trademark Office, for a platform referred to as ‘Meta Pay’, it certainly appears that there is something else new on the horizon.
With Meta itself experiencing a fall in revenue in the second quarter of this year, Zuckerberg remains optimistic knowing that the digital asset space is nothing short of an extraordinary opportunity.