Meta allows all U.S. users to connect to a crypto wallet and show NFTs owned on any social app. Meta, the tech giant, announced today that its NFT support is now accessible to all Facebook and Instagram users in the United States.
Meta enabled NFT support for its platforms first in May with Instagram. Then added Facebook support to its platforms in June . Both cases started with a small number of users but have steadily increased the number over time.
Anyone in the U.S. now has the ability to showcase their NFTs and join users in more than 100 countries in Asia-Pacific, Africa and the Middle East.
This feature supports collectibles from Ethereum and Flow blockchains. Solana support is also possible. Facebook and Instagram support wallet connectivity MetaMask and Dapper Wallet. This feature can be found in the settings tab of both mobile apps under “digital collectibles”.
In August, the company introduced cross-posting which allows users to show off their NFT collectibles on both their Instagram and Facebook accounts. Meta claims that the feature showcases the “interoperability” of NFT assets that are compatible with different platforms.
An NFT, a blockchain token, is used to represent ownership of a digital item. Digital artwork, collectibles, and interactive video game items are some of the most popular uses. Over the period of 2021, the NFT market generated $25 trillion in trading volume.
This momentum was maintained into the first months of 2022. However, the NFT market has suffered a significant decline since the larger crypto market crash in May. The overall sales volume has dropped significantly while the prices for most of the top NFT collection collections have dropped dramatically.
However, this hasn’t stopped significant sales. Yesterday, Tyler Hobbs sold almost $17 million worth new NFTs while a single cryptoPunks NFT was sold for nearly $4.5 million of Ethereum.
Meta’s push for NFT comes amid larger metaverse goals for the social media giant. announced its vision for an immersive, future-oriented internet last autumn. Although NFTs will be a part of Meta’s metaverse it is not clear how open it will become in the future and if it will interoperate with other metaverse games.