Quick take:
- Meta has announced the launch of cross-platform NFT posting on Facebook and Instagram.
- The new feature will allow users to share digital collectibles assets on both platforms.
- Users can now connect their wallets to either app to share their NFTs.
Meta has launched a new feature that will allow Facebook and Instagram users to share NFTs across both platforms. The social media conglomerate turned metaverse dream chaser said on Monday that users will be able to post digital collectibles assets by connecting their Coinbase Wallet and/or Dapper wallet to either platform.
The announcement comes barely three weeks after the company rolled out NFTs on Instagram to 100 countries across Africa, Asia-Pacific, the Middle East, and the Americas.
Meta started testing NFTs on Instagram in the US in May before expanding the same test program to Facebook in June. A non-fungible token (NFT) is generally described as a digital representation of a music track, JPEG, short video clip, artwork, or collectibles, stored on the blockchain.
Although the company has yet to officially roll out NFTs on Facebook globally, enabling users to cross-share between both Facebook and Instagram implies that NFTs are essentially available in 100 countries on both platforms.
Updating its blog about introducing NFTs on Instagram and Facebook, Meta wrote: “As we continue rolling out digital collectibles on Facebook and Instagram, we’ve started giving people the ability to post digital collectibles that they own across both Facebook and Instagram. This will enable people to connect their digital wallets once to either app in order to share their digital collectibles across both.”
The announcement comes just as the appetite for NFTs seems to be slowing down. According to data compiled by CoinGecko, NFT transaction volume on OpenSea has plummeted by 99% from its peak level, essentially making the leading NFT marketplace a shadow of its former self.
On the contrary, fan tokens have taken the opposite direction, soaring to new highs. The surge in fan token transaction volume can be pinned to the return of the league seasons across the world, which opened their new campaigns over the last three weeks.
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