By connecting their wallets, Facebook and Instagram users can now post nonfungible tokens, or NFTs, and digital collectibles to their accounts.Digital wallet integration with Facebook or Instagram appears to be restricted to the apps rather than using outside browsers. However, extending NFTs to every smartphone with a Meta app loaded might lead to increased revenue or adoption for the social media giant.
The nearly 2.9 billion users of the social media network would be able to share digital collectibles and NFTs, according to Facebook’s parent company Meta.
“As we continue rolling out digital collectibles on Facebook and Instagram, we’ve started giving people the ability to post digital collectibles that they own across both Facebook and Instagram,” said Meta. “This will enable people to connect their digital wallets once to either app in order to share their digital collectibles across both.”
Although Meta dropped plans to introduce its own stablecoin due to opposition from regulators around the world, CEO Mark Zuckerberg claimed there was still a “huge chance” to earn up to trillions of dollars as the market for digital assets expanded.