In the US, Meta announced that its ongoing deployment of NFT collectibles has now reached Facebook and Instagram users.
— Meta Newsroom (@MetaNewsroom) August 29, 2022
Meta added NFT support to its platforms with Instagram in May and Facebook support in June. Initially, both companies had a small pool of consumers, but their numbers have steadily increased with time.
Want to flex with your #NFT on Instagram?
Available now in 100 countries including the US
Supported wallets: Coinbase, Dapper Labs, MetaMask, Rainbow & Trust
— Crypto Why Bother (@CryptoWhyBother) September 29, 2022
NFTs are now available to every user in the United States, joining more than 100 other countries in Asia-Pacific, Africa, and the Middle East.
Future Prospects: What Lies Ahead?
Solana support will be added soon, but for now, the functionality supports collectibles on Ethereum, Flow, and Polygon blockchains.
Users can display NFT items in their Facebook and Instagram accounts with a cross-posting function introduced in August. NFT assets may be able to connect to other platforms because of the capability, according to Meta.
The NFT token represents ownership of a certain digital object on the blockchain. Some examples of common application scenarios include digital treasures, artwork, and interactive video games. Around $25 billion worth of trading activity was generated by the NFT market in 2021.
NEW: NFT features are now available for all Instagram and Facebook users in the US 🤝
— nft now (@nftnow) September 29, 2022
NFT market momentum continued apace into 2022, despite the global crypto market crisis that began in May. Sales volume has decreased noticeably even though the prices of several of the best NFT collections have dropped dramatically.
A single CryptoPunks NFT went for about $4.5 million in ETH yesterday, while Tyler Hobbs sold NFTs for about $17 million yesterday.
As part of its bigger metaverse goals, the social media giant outlined its vision for the future, immersive internet, last October. It is not yet known whether NFTs will be compatible with other metaverse worlds or if they will be used in Meta’s metaverse.