Ethereum, Polygon, and Flow have been added to Meta. Cross-Posting by NFT Meta continues to slowly roll out NFT services across its sites, including the ability to cross-post NFTs across Facebook and Instagram for select US users on Monday.
By requiring only a one-time wallet connection on either Facebook or Instagram, the billion-dollar internet startup hopes to make it easier for consumers to share their NFTs, also known as digital collectibles.
After then, if cross-posting is enabled in the account settings of either programme, the user’s wallet will be instantly identified.
NFTs—unique blockchain tokens that represent ownership—have gained appeal as a social networking feature on Twitter, with users paying Twitter Blue to “validate” their NFT ownership and transform their profile images into hexagon-shaped badges.
Now, Instagram and Meta’s push into NFTs, which CEO Mark Zuckerberg announced in March, is yet another step Web2 companies are taking to transition to Web3. On Facebook and Instagram, Meta now supports Ethereum, Polygon, and Flow NFTs. In terms of crypto wallets, MetaMask, Rainbow, Trust Wallet, Coinbase
Wallet, and Dapper can all be used to verify and share NFTs.
According to Meta, when NFTs are posted on Instagram or Facebook, the artist and owner are instantly labelled, and there are no fees for sharing.
Why is NFT cross-posting important? For starters, it improves the user experience. A one-time wallet connection is significantly easier for consumers who are unfamiliar with managing cryptocurrency wallets.
According to Meta, “interoperability in the metaverse” is a main reason for the cross-posting capability.
As parent firm Meta probes the Web3 waters, it’s no wonder that the border between Facebook and Instagram is becoming increasingly blurred. Meta has added a number of features that strengthen the connectivity between Facebook and Instagram since it purchased Instagram a decade ago.
Instagram Stories, for example, can be easily cross-posted to Facebook, while Instagram payments require Facebook Pay to be set up and joined in order to buy products or run advertising through Instagram.
Meta did not react to Decrypt’s request for comment on when its NFT capabilities will be available to all users, but it did state that as of August 4, Meta “began rolling out digital collectibles to consumers, businesses, and creators globally on Instagram.”
“As of today’s announcement, we’re continuing the June Facebook rollout in the United States,” a Meta spokesman told Decrypt through email.
Zuckerberg appears to be keeping an eye on Web3 and some of its key principles, such as decentralised governance.
In an interview with podcaster Joe Rogan last week, Zuckerberg stated that he does not want Meta to be monolithic when it comes to corporate decision-making over content censorship.
“I think the appropriate solution is to build governance rules that attempt to be balanced and not have too much decision-making centralised,” Zuck added.
