OPEN APP
Home / News / World /  Facebook tests new NFT tab in the US. Know all about it here
Listen to this article

In the latest update, Meta's social media platform Facebook begun testing a digital collectables tab with select creators in the United States. 

Through the tab, creators will be able to display their non-fungible-tokens (NFTs) on their timelines.

Meta technical program manager Navdeep Singh displayed screenshots of the digital collectables support on Twitter. According to the screenshots, clicking on NFT posts will show details about that digital collectable, such as the name of the collection and its creator.

Meta' CEO Mark Zuckerberg had earlier mentioned that the company is exploring plans to allow users to create, showcase and sell NFTs on Facebook and Instagram.

A non-fungible token is a financial security consisting of digital data stored in a blockchain, a form of distributed ledger. The ownership of an NFT is recorded in the blockchain, and can be transferred by the owner, allowing NFTs to be sold and traded.

Facebook will integrate with Ethereum, Polygon, Solana and Flow blockchain networks to facilitate this. Users will have to add their crypto wallets such as Metamask and prove their NFT ownership before showcasing it on the platform.

The rollout of NFTs on Facebook would be gradual, beginning with select creators in the United States. 

“Eventually, NFT creators will be able to cross-post between Facebook and Instagram, another Meta property. Instagram is also testing NFTs in its Spark AR augmented reality platform," a Meta spokesperson told Techcrunch.

Notably, Instagram leader Adam Mosseri said in December last year that his social network was “actively exploring" NFTs. In an Instagram Q&A posted to his Stories, Mosseri was responding to a question about his thoughts on integrating NFTs into Instagram. He said, “Nothing to announce yet but we are definitely actively exploring NFTs and how we can make them more accessible to a broader audience." Before that, Zuckerberg also spoke in October about how the metaverse will need to support “ownership of digital goods or NFTs."

Meanwhile, the NFT sales since April have dropped by 150 per cent, as per CryptoSlam tracker. The average price of an NFT has dropped from $589 in April to $192 in June, a drop of 67 per cent in the value. The number of transactions happening in the NFT space is also witnessing a significant drop from 62 lakh transactions to 27 lakh transactions.

The Bored Ape Yacht Club (BAYC) NFT collection is now trading below $100,000 for the first time since August 2021. The floor price has been down by 100 per cent since May when BAYC NFTs were selling at $200,000 each.

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Subscribe to Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.

Recommended For You

×
Edit Profile
Get alerts on WhatsApp
Set Preferences My ReadsWatchlistFeedbackRedeem a Gift CardLogout