Meta launches new NFT screen options on Facebook

Just when you thought the NFT hype was about to die down, Meta wants to re-ignite the embers, with the introduction of new NFT viewing options on Facebook.

As you can see in these screenshots, posted by Meta Product Manager Navdeep SinghFacebook users will now be able to create custom NFT posts, with a ‘Digital Collectible’ tag, while profiles will also have a new, dedicated NFT section to showcase your non-fungible artwork.

As with Instagram, which launched the first phase of its NFT support program back in May, when users click on these photos, they will be able to see who owns the artwork, and who created it, along with a brief description of the piece.

The information is obtained via the NFT details listed on the public blockchain, with Facebook set to provide support Ethereum, Polygon and all the major exchanges, and NFT owners can link their Rainbow, Trust Wallet and MetaMask accounts to verify NFT ownership.

That is, of course, if all these exchanges and tools are still in operation.

NFTs, as with all crypto-adjusted projects, are currently suffering from a major downturn, which largely reflects broader economic trends, but has hit speculative financial products hardest.

As you can see in this Google Trends chart, consumer interest in NFTs is declining while Wall Street Journal recently reported that there has been a 92% decline in NFT sales since September last year.

Confidence in NFTs as an investment opportunity has also been affected by a number of carpentry, fraud and exploitation, which has led to many early investors losing thousands, even millions in some cases.

The core idea – that digital objects will be a much bigger thing in the metaverse future – has merit, and there is no doubt that people will eventually buy more digital objects that do not exist in real life, to show off their status and personality in the virtual realm. But profile pictures of monkeys? Maybe not.

In any case, Meta views NFTs as a springboard, and another fundamental element in its metaverse shift, which is why they are keen to move forward with their NFT projects, regardless of the status of the general public.

Therefore, Meta is also experimenting with an NFT marketplace, which will facilitate the sale of virtual goods in its apps.

This is where it sees real value and utility, and provides a direct connection between the current platforms and the meta-verse, with users who can then purchase and display their virtual objects, which can then lead others through to the next level of digital experiences.

In fact, Meta CEO Mark Zuckerberg has it talked up the potential of NFTs, and the expanded role that digital goods will play in the upcoming Metaverse shift. In that sense, it’s less about what NFTs are right now, and more about what they represent, and it’s going to be interesting to see what users can ultimately look like to show off their digital elements on their Facebook and Instagram profiles. .

But it is not available to all users yet. Meta says they are “slowly rolling out” their Facebook NFT tools, starting with a “select group of creators in the US”, before expanding to other regions.

So you will not see an influx of poorly drawn profile pictures on Facebook yet, but you can see that it increases over time, with a number of digital elements on display.