When you thought the NFT hype was coming to an end, Meta wanted to stoke the embers again with the introduction New NFT display option on Facebook.
As you can see in these screenshots, posted by Meta Product Manager Navdeep SinghFacebook users will now be able to create custom NFT posts with a ‘digital collectible’ tag, while profiles will have a new, dedicated NFT section to showcase your non-fungible artwork.
Like Instagram, which launched the first phase of its NFT support program in May, when users tap on these images, they’ll be able to see who owns the artwork and who created it, along with a snippet.
The information is available through NFT details listed on the public blockchain, which Facebook sets up to support. Ethereum, Polygon, and all major exchanges, and NFT owners are able to connect their Rainbow, Trust Wallet and MetaMask accounts to verify NFT ownership.
This is, of course, if all those exchanges and tools are still running.
NFT, like all crypto-linked projects, is one of the losers Big recession right nowWhich largely reflects the broader economic trend, but has hit the speculative financial product the hardest.
You can see this as Google Trends ChartWhile consumer interest in NFTs is declining The Wall Street Journal It has recently been reported that NFT sales have declined by 92% since September last year.
Confidence in the NFT as an investment opportunity has also been affected by various forms of anger, scandal and exploitation, which have seen many early investors lose thousands, or even millions in some cases.
The basic idea – that digital items will become metavars a lot bigger in the future – has merit, and there is no doubt that, in the end, people will buy more digital items to show status that do not exist in real life and personality in the virtual world. But the profile picture of the monkey? Maybe not.
Either way, Meta sees NFT as a stepping stone, and another fundamental element in its Metavers shift, which is why it is interested in advancing its NFT projects regardless of general public status.
That’s why Meta is also experimenting with an NFT marketplace that will allow it to sell virtual items in its app.
That’s where it sees real value and usability, providing a direct connection between its current platform and metavers, allowing users to then buy and display their virtual items, which can take others to the next level of digital experience.
In fact, there is Meta CEO Mark Zuckerberg Talked about the potential of NFT, And digital products will play that expanding role in the upcoming metavers shift. In this sense, NFTs are less about what they are now, and more about what they represent, and it will be interesting to see how users can display their digital items on their Facebook and Instagram profiles.
But it is still not available to all users. Meta says that’s it Its Facebook is conducting a ‘slow rollout’ of NFT toolsStarting with ‘a selection of creators in the United States’ before expanding to other regions.
So you still won’t see a stream of poorly painted profile pictures on Facebook, but you can see it ramp up over time with various digital items on the show.
