Meta Begins Testing NFT Integration on Facebook
The testing of NFTs on Facebook follows a series of pilot integrations on Instagram in May.
Social media giant Meta (FB) has started to test Polygon and Ethereum-based non-fungible tokens (NFTs) among a selected group of creators on Facebook, according to Meta's Product Manager Navdeep Singh.
- Singh posted a series of screenshots of the update, which includes a "digital collectibles" tab that will allow Facebook users to showcase NFTs on their profile page.
- In May, Meta made its first foray into NFTs by testing NFT integrations on Instagram.
- "We're expanding our test so more creators around the world can display their NFTs on Instagram," Meta CEO Mark Zuckerberg said on June 21. "We'll bring this feature to Facebook soon too – starting with a small group of U.S. creators – so people can cross-post on Instagram and Facebook."
- The NFT market is experiencing a downturn alongside a lull in the wider crypto market. NFT trading volume on OpenSea during June was its lowest in 11 months, according to Dune Analytics.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.