Instagram and Facebook Open to Cryptocurrency and Welcome NFTs

Support for digital collectibles (NFTs) is a possibility that Meta, Facebook’s parent company, has been considering since March 2022. Mark Zuckerberg has even planned to implement NFT Mint support on Facebook. What would be the upheaval produced by such an integration? Who would benefit the most?

Meta: digital collectibles test starts this week on Instagram

Cost-effective integration for creators and collectors

Mark Zuckerberg, CEO of Meta, said testing of digital collectibles will begin on Instagram first. Concerned collectors and creators will have the opportunity to share NFTs on IG for free. Posting and sharing a digital collectible will be free of charge.

This test is scheduled for this week, Meta already working on the project since last March. However, no specific rollout date has yet been revealed.

The purpose of this incorporation is to allow collectors and creators to display their NFTs on their profile. That said, Adam Mossier, the head of IG seems to value the economy of creators. Thus, he supports the project allowing them to earn a good living through NFTs.

To optimize the user experience, Meta is also planning to provide augmented reality support for NFTs on Instagram Stories. For this, he intends to use the tools of his Spark AR Studio.

After Instagram, NFTs will quickly land on Facebook. The goal is arguably to affirm the importance of NFT, Blockchain technology and Web3 in its entirety.

Facebook and Instagram NFT partnerships

Previously, the Facebook NFT story was just a headline-grabbing rumor. It is now on the verge of becoming a reality. Thus, there is indeed a tangible partnership between Meta Platforms INC and NFT.

This means that both Facebook and Instagram are venturing more broadly into crypto territory by starting to focus on non-fungible tokens. It is undeniable that the cryptocurrency market is in a glaring imbalance at the moment. The price of many assets continues to fall, including the most famous such as Bitcoin (BTC). This does not seem to prevent these powerful platforms from openly welcoming NFTs, however.

Ryan Wyatt, CEO of Polygon Studios says they have a partnership agreement with Meta. Then, Instagram will be able to use the NFTs offered by the Ethereum, Solana and Flow blockchains.

Conclusion

The integration of non-fungible tokens on Instagram and Facebook is thus an official decision taken by Mark Zuckerberg. This digital collectibles support feature is a boon for all users, creators and collectors who make money from NFTs.

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Emile Stantina

Interested in investment and financial markets after a business school in Chambéry, the passion for cryptocurrencies was obvious. The blockchain is surely the universal tool of tomorrow.

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