Meta has announced that social media users on Facebook and Instagram can post non-fungible tokens (NFTs) and other crypto assets to their cryptocurrency accounts by linking them to their digital wallets.
Meta issued an update on May 10, saying that the 2.9 billion users on Facebook can now share their NFTs and digital collectibles on the social media platform. The announcement by the social media company also said that Instagram users based around 100 countries could also post digital collectibles minted on the flow network or from crypto wallets that support the Ethereum and Polygon blockchains.
Meta also said that it would continue rolling out support for crypto assets on both Facebook and Instagram, adding that the initial plan was to give people the ability to post their digital collectibles on both Facebook and Instagram.
The social media giant also added that it would allow people to link their crypto wallets once to each application to share the digital collectibles across the two social media platforms.
NFTs have been part of Facebook’s plan for the longest time. The social media company has been looking into tapping the web 3.0 sector to guarantee that it will be possible for users to bring NFTs into the social media space.
However, users that want to link NFTs to Facebook or Instagram seem only to have the capacity to do that on the apps instead of third-party browsers. However, expanding the reach of NFTs into each of the smartphones that support Meta’s apps could lead to significant earnings and higher levels of adoption for the social media company.
Meta’s pursuit of the crypto sector
In May, Meta applied with the US Patent and Trademark Office to support launching a cryptocurrency payments platform known as Meta Pay. While Meta has been actively pursuing the metaverse, it has not been successful in some of its crypto-related ventures.
In February, Meta gave up plans to launch its stablecoin after facing backlash from regulators globally. The CEO of Meta, Mark Zuckerberg, said that there was an opportunity for people to make trillions of dollars within the growing cryptocurrency sector. Meta released its financial results for the second quarter of 2022, saying there was a 1% decline in the year-over-year revenues.
