Facebook crypto breakthrough – NFTs arrive on the social network platform

Zuckerberg does not quit the blockchain – Facebook will become a platform for NFTs  

Mark Zuckerberg’s company that controls the social networking sites Facebook, Instagram and Whatsapp – Meta – has once again surprised the crypto world. After cancelling the Novi wallet project and the Diem crypto, it has announced that Facebook will soon integrate NFTs based on Ethereum and Polygon. The social network will therefore support both creators and users who want to buy NFTs. Continue reading to find out what NFTs on Facebook will look like!

Ethereum and Polygon’s NFTs on Facebook – first photos released

Meta (formerly Facebook), the company that controls some of the world’s most widely used social networks, showed interest in the crypto world when it changed its name and started to take an interest in the concept of the metaverse. In March 2022, Zuckerberg announced that NFTs would arrive on Instagram. At the moment the feature is being tested for influencers in a number of countries. The next step? Turning Facebook into a platform where you can show off your NFTs!

The breaking news was first shared by Navdeep Singh, a developer for Meta. “I’m excited to show the world what I’m working on,” he tweeted, posting a small spoiler for the curious. The picture shows some of the features that will be available when NFTs will be released on Facebook. For instance, it will be possible to add entire collections (such as Bored Ape Yacht Club or Pudgy Penguins) to your profile, as long as you have them on your wallet. Non-fungible tokens will also be shared like normal posts, with the possibility of adding reactions and comments.

 Initially, according to a Meta spokesperson, it will only be possible only to support Ethereum and Polygon-based NFTs, but there are plans to add tokens built on Solana and Flow later on. Cross-posting with Instagram will also be enabled, to create a unique ecosystem within Meta products. In the future, it will be possible to buy NFTs directly on Facebook. Facebook’s crypto turn could be instrumental in bringing NFT technology to a wider audience of users.

So long wallets – Facebook becomes an NFT platform

Zuckerberg’s interest in crypto began in 2019, when his company released the Novi wallet. Novi was a beta project that was supposed to allow Facebook users to pay more easily and quickly. Facebook’s crypto, however, never saw the light of day. Neither Libra (the original project) nor Diem (its evolution) will have any future, because Meta has decided to abandon the project and shut down Novi. In fact, Facebook’s crypto encountered many technical and legislative obstacles, which led Zuckerberg to completely shut down the project. Novi will be closed forever on 1 September 2022.

However, the interest in the blockchain did not die with the Novi wallet, quite the contrary. According to some experts, NFTs on Facebook will serve to make the social platform a new hub for crypto enthusiasts. Support for non-fungible tokens will be crucial to expose them to a more mainstream audience, and to give users the chance to show off their collections. For now, the most used social platform for crypto enthusiasts is Twitter, but that may change soon!

Facebook’s goal is to make NFTs and cryptos ‘social’ and let word of mouth do the rest. That’s why the new features will first be tested by influencers and creators of some prominence in the community. If the tests are successful, the NFT feature will then be made available to all Facebook users. 

If all goes according to plan, NFTs on Facebook will be released in the coming months to some users, and then reach everyone else. Meta, the company that owns Facebook, believes strongly in crypto and blockchain projects. Its 2.93 billion users could find themselves interacting with NFTs on Facebook without realising it – a huge boost for the global adoption of cryptocurrencies. Will Facebook soon become a platform for NFTs in its own right? Will the social network’s idea bring non-fungible tokens into the mainstream?

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