Meta continues to incrementally roll out NFT features for its properties, adding the ability to cross-post NFTs across Facebook and Instagram for select U.S. users Monday.
The billion-dollar tech company wants to make it easier for users to share their NFTs—which they refer to as digital collectibles—by only requiring a one-time wallet connection on either Facebook or Instagram.
After that, the user’s wallet can be automatically recognized if cross-posting is enabled under account settings on either application.
NFTs—unique blockchain tokens that signify ownership—have gained traction on Twitter as a social media feature, with users purchasing Twitter Blue to “verify” their NFT ownership and turn their profile pictures into hexagon-shaped badges.
Now, Instagram and Meta’s push into NFTs—which CEO Mark Zuckerberg confirmed back in March—is another step Web2 companies are taking to move toward Web3. Meta currently supports Ethereum, Polygon, and Flow NFTs on Facebook and Instagram. And when it comes to crypto wallets, MetaMask, Rainbow, Trust Wallet, Coinbase Wallet, and Dapper can be connected to verify and share NFTs.
Instagram is expanding its NFT initiative internationally to more than 100 countries, parent company Meta announced today, plus it’s adding support for NFTs created on the Flow blockchain. Now the FLOW token is pumping as a result.
FLOW is up nearly 44% over the past day, per data from CoinGecko, with nearly all of that rise coming since Meta’s announcement this morning. As of this writing, FLOW is trading at $2.76 per token, with the latest price action bringing its 30-day rise to nearly 72%.
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When NFTs are shared on Instagram or Facebook, the artist and owner will be automatically tagged, and there are no fees for sharing, says Meta.
Why does NFT cross-posting matter? Well for one, it’s a big plus for user experience. A one-time wallet connection is much less of a burden for users who may be new to managing cryptocurrency wallets.
“Interoperability in the metaverse” is a primary motivator for the cross-posting feature, according to a statement from Meta.
The former Amazon Studios exec and venture capitalist spoke with Decrypt’s Kate Irwin about how crypto fits into the metaverse at an event in Beverly Hills, California.
It’s no surprise that the line between Facebook and Instagram is continuing to blur as parent company Meta tests the Web3 waters. Since it acquired Instagram a decade ago, Meta has added a number of features that deepen the link between Facebook and Instagram.
For instance, Instagram Stories can be cross-posted to Facebook, Instagram posts can be easily reposted to Facebook, and Instagram payments require Facebook Pay to be set up and added in order to buy items or run ads through Instagram.
Meta did not respond to Decrypt’s request for comment on when its NFT features will go live for all users, but reiterated that as of August 4, Meta “began rolling out digital collectibles to people, business, and creators internationally on Instagram.”
“As of today’s announcement, we’re continuing the U.S. rollout on Facebook that we began in June,” a Meta representative told Decrypt via email.
Zuckerberg does appear to be keeping an eye on the world of Web3 and some of its fundamental principles like decentralized governance. When it comes to corporate decision-making around content censorship, for example, Zuckerberg told podcaster Joe Rogan in an interview last week that he doesn’t want Meta to be monolithic.
“I think the right way is to establish principles for governance that try to be balanced and not have the decision-making too centralized,” Zuck said.
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