THE DAILY ENCRYPT

September 30, 2022

Meta Rolls Out New NFT Features Inclusive with Polygon, Flow and Ethereum Networks

This latest enhancement is part of Meta's ongoing push to "interoperability” in the metaverse....
meta facebook
Photo by Muhammad Asyfaul

This latest enhancement is part of Meta’s ongoing push to “interoperability” in the metaverse.
Meta continues to roll out NFT features incrementally for its properties. Monday’s update added the ability to cross post NFTs across Facebook, Instagram and for selected U.S. users.

The tech company, worth billions of dollars, wants users to be able to share their NFTs (which they call digital collectibles) by requiring only a one-time wallet connection to either Facebook or Instagram.

If cross-posting has been enabled in account settings for either application, then the wallet of the user can be recognized automatically.

NFTs – unique blockchain tokens that represent ownership–have been popularized on Twitter. Users can purchase Twitter Blue to “verify their NFT ownership” and transform their profile photos into hexagonal badges.

The push by Meta and Instagram into NFTs, which CEO Mark Zuckerberg confirmed in March, is another step Web2 companies take to move towards HTML3. Meta currently supports Ethereum and Polygon NFTs via Facebook and Instagram. To verify and share NFTs, crypto wallet can be linked to Rainbow, Trust Wallet and Coinbase Wallet.

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Meta says that NFTs shared on Instagram and Facebook will automatically tag the owner and artist, with no sharing fees.

What is the importance of NFT cross-posting? It’s a huge plus for the user experience. Users who are new to managing cryptocurrency wallets will find it much easier to connect their wallet once.

According to Meta, the primary motivation for cross-posting is Interoperability within the metaverse.

It is not surprising that the lines between Instagram and Facebook are continuing to blur as Meta, the parent company, tests the Web3 waters. Meta added many features to Instagram and Facebook since it acquired Instagram over a decade ago.

Instagram Stories can be shared to Facebook and Instagram posts can easily be reposted to Facebook. In order to purchase items or run ads through Instagram, you will need to set up Facebook Pay.

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Meta didn’t respond to Decrypt’s request for comment about when its NFT features would go live for all users. However, Meta reiterated that, as of August 4, Meta had “began rollingout digital collectibles for people, businesses, and creators worldwide on Instagram.”

“As per today’s announcement we’re continuing our U.S. Meta representatives told Decrypt via email that they are continuing the U.S. rollout on Facebook, which began in June.

Zuckerberg seems to be paying attention to Web3 and its fundamental principles, such as decentralized governance, though. In an interview with Joe Rogan last week, Zuckerberg stated that Meta is not monolithic when it comes to corporate content censorship decisions.

Zuck stated, “I believe the best way to ensure that governance principles are balanced and do not make decision-making too centralized.”

Vitalik Ivanov

Vitalik Ivanov

Vitalik is a speaker / journalist. He has spoken and given presentations at many blockchain events across the world. Vitalik is based in the UK, he loves to travel and calls Dubai his "crypto home". Vitalik has enjoyed speaking at blockchain events and has a main focus on CBDC's, NFT's and altcoins. Vitalik says "Everything, and i mean everything will be an NFT one day".
Vitalik Ivanov

Vitalik Ivanov

Vitalik is a speaker / journalist. He has spoken and given presentations at many blockchain events across the world. Vitalik is based in the UK, he loves to travel and calls Dubai his "crypto home". Vitalik has enjoyed speaking at blockchain events and has a main focus on CBDC's, NFT's and altcoins. Vitalik says "Everything, and i mean everything will be an NFT one day".

© 2022 The Daily Encrypt. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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