Meta has been testing support for NFT “digital collectible” posts on Instagram since May. If you are one of the growing number of people with access, you can now share posts with your blockchain-verified items on Facebook as well. In a new blog post, the company says that it has “started letting people post digital collectibles they own on both Facebook and Instagram” after they have connected their digital wallets to either platform.
A screenshot the company tweeted shows that the posts will look like normal posts, but they will have a badge that says “digital collectible.”
There are a lot of details in the FAQ about how the connections work and how to keep your account safe. This is important because linking NFTs to Facebook and Instagram makes it more likely that people who post them will be targeted by phishing attempts, which have been successful in stealing wallets and the items in them on more than one occasion.
This latest expansion and sharing on Facebook came out the day after Eminem and Snoop Dogg performed a song with links to the Bored Ape Yacht Club at the MTV Video Music Awards. From what people said, it seemed like NFT fans were excited about the event, but other music lovers weren’t as impressed.
Even though it did well, or maybe because its owners wanted to keep their NFTs in case their prices went up this afternoon, the BAYC only came in fourth on a list of the most active collections.
Forbes says that data from DappRadar shows that the number of trades on OpenSea, one of the largest NFT marketplaces, has dropped by 99 percent in just the last four months. On May 1, more than $2.7 billion was traded on the market. On Sunday, only $9.34 million was traded. On Dune Analytics, there is another tracker that shows how far sales have dropped since the peak. Somehow, this makes it the perfect time for social networks like Twitter, Reddit, and Facebook/Instagram to join in late. According to the CEO of Reddit, the key is to not say “NFT.”