NFTs, whose popularity waned with the crypto market decline in 2022, lost a significant market share. Recent developments, however, may lead to a resurgence of interest in NFTs. Today, the NFT market cap is estimated at just over $15 billion. Meta's boss, Mark Zuckerberg, recently announced his plans for the NFT industry. Today, Meta announced that the NFT feature is available on the Facebook platform.
Meta, the parent company of Facebook, Instagram and WhatsApp, had started testing NFTs on Instagram in the past months. A new move came from Meta, which continues to work on this issue. The company has started rolling out NFTs on Facebook for US creators.
A Meta representative told Decrypt that the company has begun testing Ethereum and Polygon NFTs for creators in the US. He also stated that the company will soon support NFTs in Solana and Flow as well.
Meta Product Manager Navdeep Singh shared an image on Twitter of what NFTs would look like on Facebook. According to the post, users will have a "digital collection" tab on their Facebook profile where they can showcase their NFTs.
"We're launching NFTs on Facebook! Excited to share what I've been working on with the world."
Users will be able to link their cryptocurrency wallets to their Facebook profiles. NFTs will also be able to react, like, comment and share just like any other post.
Technology and media consultant Martin Bryant also revealed that the company has recently begun testing Facebook groups to make them look “like Discord.” He argued that Meta "clearly wanted to give Web3 users a new home" with the announcement.
The NFT feature is expected to come to the Instagram platform in the near future. Meta announced that Instagram NFTs will be released with support for Solana, Flow, Polygon and Ethereum. On the other hand, no information was shared about whether Facebook NFTs will be supported with these networks. In the coming days, Meta is expected to provide more detailed information about Facebook NFTs.