Meta has launched support for digital holdings across the Facebook platform with select content creators. This follows its introduction of the digital holdings feature to display the non-fungible token (NFT) on Instagram in May.
“The company has started a slow rollout that allows a select group of content creators in the United States to post digital holdings on Facebook,” a Meta spokesperson said.
With this feature, these creators are able to show their NFT in their account under a new tab, and the art has a digital collectibles sticker – like Instagram.
The official launch comes a week after Meta CEO Mark Zuckerberg announced that the company is soon testing NFT support via Facebook.
Zuckerberg said at the time that the test allowed creators to cross-post across Facebook and Instagram. However, the spokesperson said that the sharing feature across both platforms is not yet rolled out, but is coming soon.
Navdeep Singh, Product Manager at Meta, shared screenshots in support of the digital holdings. And according to the screenshots, you can publish the NFT across the timeline.
Clicking on it reveals details about this digital holding, such as details about the collection and its creator. The information is obtained through NFT details included in the public blockchain. NFT owners can also link their Rainbow, Trust Wallet, and MetaMask accounts to verify NFT ownership.
Facebook users can now create custom NFT posts with the Digital Collectibles tag, while accounts have a new NFT section dedicated to displaying NFT artwork.
Meta launches NFT display options on Facebook
The Instagram platform at launch supported NFT minted via the Ethereum and Polygon blockchain, with support for Solana and Flo later. Meta did not say whether the same blockchain is backed by Facebook.
Zuckerberg also said Meta is working on augmented reality NFT, or 3D NFT, that you can bring to your Instagram Stories using Spark AR, the company’s software augmented reality platform.
Last week, Meta expanded the NFT test via Instagram to allow more creators around the world to view the NFT via the platform. Prior to the expansion, support was available to select US creators.
There will be no fees associated with posting or sharing digital collectibles, Facebook said. It also will not offer the ability to convert digital holdings posts into advertisements at this time.
Meta recognizes that NFT raises important questions about sustainability, and as part of its commitment to sustainability, it helps reduce the impact of emissions that may be associated with digital acquisitions through the purchase of renewable energy.
NFT, as with all crypto projects, is currently experiencing a significant slowdown, which largely reflects broader economic trends.
Consumer interest in NFT is waning. There is a 92% drop in NFT sales since September last year.
Confidence in NFT as an investment opportunity has also been affected by a host of deceptions and abuses, which have seen many early investors lose millions of dollars in some cases.