Meta extends NFT support to Facebook: What to expect – Times of India

Meta has recently announced the expansion of its NFT (non-fungible token) support to one of its social media platforms — Facebook. Initially, the company launched this feature for its photo-sharing app — Instagram — in May. At first, this NFT support was accessible only to a handful of US creators and collectors.
Recently, the social media giant started the international expansion of this feature with 100 countries which include nations from — Africa, Asia-Pacific, the Middle East and the Americas. However, now the company has started supporting NFTs for Facebook as well. Meta has updated its blog post and has also shared a tweet on its official Twitter account to reveal the same.

This feature will now allow both Facebook and Instagram users to connect their digital wallets once to either app to share their digital collectables across both platforms. Users will be able to access NFTs after they connect their digital wallets to either one or both apps.

Meta and NFT: What’s in the future
According to a report by Engadget, Meta looks to explore more of the “NFT territory” even though the market for digital tokens has taken a hit in recent months. The report also suggests that Meta is developing a new marketplace that will allow people to buy and sell NFTs. However, the company has not shared any official details regarding the new marketplace.
How Meta provides the NFT feature on Facebook and Instagram
Meta has used its blog post to explain how the company provides NFTs on its social media platforms. As per the blog, Meta collects and organises public data from open blockchains, like — Ethereum — to provide this feature on its platforms. However, the company can identify which collectables belong to collectors and creators only when they connect their third-party wallets to Instagram.

Importance of the NFT feature
The Meta blog post states that its efforts in the space empower diverse voices and allow underrepresented groups to have access to emerging digital assets like NFTs. By offering NFT support, the company aims to — improve accessibility, lower barriers to entry and help make the NFT space more inclusive to all communities. Moreover, the company also claims that its tools can keep the accounts secure and report digital collectables which go against Meta’s community guidelines.