In the most recent update, Facebook, which is owned by Meta, started testing a tab for digital collectibles with a few creators in the United States.
Creators will be able to show their non-fungible tokens (NFTs) on their timelines by using the tab.
Meta’s technical program manager, Navdeep Singh, posted screenshots of the digital collectibles support on Twitter. Screenshots show that clicking on NFT posts will give you information about the digital collectible, such as its name and who made it.
Mark Zuckerberg, the CEO of Meta, has said that the company is looking into ways to let people make, show off, and sell NFTs on Facebook and Instagram.
A non-fungible token is a financial security made up of digital data stored in a blockchain, which is a type of distributed ledger. The owner of an NFT is recorded in the blockchain, and the owner can give the NFT to someone else. This makes it possible to sell and trade NFTs.
To make this possible, Facebook will connect to the Ethereum, Polygon, Solana, and Flow blockchain networks. Before they can show off their NFTs on the platform, users will have to add their crypto wallets, like Metamask, and prove that they own them.
NFTs would be slowly added to Facebook, starting with a small number of creators in the United States.
“Eventually, people who make NFTs will be able to post the same thing on both Facebook and Instagram, which is another Meta property. Instagram is also testing NFTs on its Spark AR platform for augmented reality “Techcrunch was told by a spokesperson for Meta.
In December of last year, Instagram CEO Adam Mosseri said that his social network was “actively exploring” “NFTs. Mosseri answered a question about adding NFTs to Instagram in an Instagram Q&A that was posted to his Stories. He said, “We don’t have anything to announce yet, but we are definitely looking into NFTs and how we can make them easier for more people to use.”” Before that, in October, Zuckerberg talked about how the metaverse will need to be able to handle “ownership of digital goods, or NFTs.”
Since April, NFT sales have dropped by 150%, according to the CryptoSlam tracker. The average price of an NFT has gone down by 67 percent, from $589 in April to $192 in June. The number of transactions in the NFT space is also going down a lot, from 62 lakh to 27 lakh.
For the first time since August 2021, the Bored Ape Yacht Club (BAYC) NFT collection is now worth less than $100,000. Since May, when BAYC NFTs sold for $200,000 each, the floor price has dropped by 100%.