will release Non-Fungible Tokens (NFT) support in the form of the NFT feature on Facebook and will do so in stages, starting with a select few users in United States.
Meta Technical Program Manager, Navdeep Singh, announced that through this feature, Facebook users can display NFT on their profile under the new tab, and the digital token will have the label “digital collection”.
Quoted from Tech Crunch, the official launch of this feature will come a week after Meta CEO Mark Zuckerberg said that Meta will soon test the NFT feature on Facebook.
At the time, Zuckerberg said the trial would allow NFT creators to cross-post to Instagram and Facebook. However, a Meta spokesperson said the cross-posting feature has not yet been released, and is coming soon.
Based on the screenshot image shared by Navdeep Singh through his Twitter account, Facebook users can post the NFT on their timeline.
If NFT is clicked or pressed, it will display details about the digital asset, such as NFT author information and other detailed information.
As for the Instagram feature, the NFT supported by this platform is a digital token printed on the Ethereum and Polygon networks. As for the NFTs printed on the Solana and Flow blockchain networks, they are still in the works.
Most likely, with the NFT feature, Facebook will also support NFT being printed on the same blockchain network as on Instagram, even if Meta did not provide information about it.
Meta says there is no charge when users post or share digital collections.
In October 2021, Facebook changed its name to Meta, to show its seriousness in stepping into the world of Web3.
But not all of Meta’s moves were successful, as in February the company stopped launching a stablecoin called Diem, after facing challenges from regulators around the world.
However, Meta filed a trademark application for the Meta Pay payment platform in May, and Zuckerberg announced on June 22 that Meta Pay would replace Facebook Pay.
Zuckerberg said Meta Pay will be available on Facebook, Instagram, WhatsApp and Facebook Messenger.
However, a company spokesperson added that for now Meta will not offer the ability to make advertisements posts about digital collections.
It looks like Meta will not be launching NFT sales on Meta Pay. “This feature will not offer the ability to convert digital collection posts into ads at this time,” said a Meta spokesperson.