Facebook will support non-fungible tokens (NFTs) with a Digital Holdings tab in creators’ timelines to showcase their work. Meta Technical Program Director Navdeep Singh showed screenshots of the NFTs and the content creator’s page Thursday on Twitter.
A spokesperson for Meta, the parent company of Facebook, told TechCrunch on the same day that the rollout of NFTs to Facebook will be gradual, starting with selected creators in the US. Eventually, NFT creators will be able to cross-post between Facebook and Instagram, which is another Meta property. Instagram is also testing NFTs in its Spark AR augmented reality platform.
Instagram extended the NFT experience from the US to international users last week. The app allows viewing of NFTs minted on Ethereum and Polygon, with other NFTs from Solana and Flow plotted as well.
Meta announced in May that it had begun NFT tests on Instagram, with Facebook to follow suit “soon,” according to CEO Mark Zuckerberg. He added that other Meta-owned apps, such as WhatsApp and Facebook Messenger, will eventually get NFT display capabilities.
RELATED: Meta’s Reality Labs Records $2.9 Billion Loss: ‘I Realize It’s Expensive,’ Zuk says
Facebook changed its name to Meta in October 2021. He has been striving to expand into Web3, but not all of his efforts have been successful. Meta abandoned its attempt to launch the stablecoin Diem in February after significant opposition from regulators around the world. However, Meta filed trademark applications for the Meta Pay payments platform in May and Zuckerberg announced on June 22 that Meta Pay would replace Facebook Pay.
Zuckerberg said Meta Pay will be available on Facebook, Instagram, WhatsApp and Facebook Messenger. However, a company spokesperson told TechCrunch that Meta “has said it will not offer the ability to convert collectible digital posts into ads at this time” on Facebook, so it appears that Meta will not launch NFT sales there.
The sale of NFTs is expected to be launched on the company’s Meta Quest app store, which provides apps and games for the Meta’s metaverse.