Just when you thought that NFTs were taking the back seat, Meta’s looking to reignite the flame with the introduction of its new NFT display options on Facebook. Based on screenshots posted by Meta Product Manager Navdeep Singh, Facebook users will now be able to create custom NFT posts that can be marked with a ‘Digital Collectible’ tag. Meanwhile, profiles will also have a new dedicated NFT section to show off your acquired NFTs.
NFTs: The Resurgence
Same with Instagram, which launched the first stage of its NFT support program in May, when users tap on these images, they’ll be able to see who owns the NFT, who created it, along with a brief description. The information is sourced via the NFT detail listed on the public blockchain, with Facebook set to provide support for Ethereum, Polygon, and all other major exchanges. NFT owners will also be able to connect their Rainbow, Trust Wallet, and MetaMask accounts to verify ownership.
Such would be the case, given that all these exchanges and tools are still in operation. NFTs, as with all crypto-aligned projects, is currently suffering a major downturn, which can say a lot about broader economic trends, but has also hit speculative financial products the hardest.
If you take a look at this Google Trends Chart, consumer interest in NFTs is in decline, while the Wall Street Journal recently reported a 92% decline in NFT sales since last September. Trust in NFTs as an investment opportunity has also been impacted by several scams, rug pulls, and exploits, which have seen some investors lose millions. The core idea is that digital items will become a bigger thing in the Metaverse future and will hold some kind of merit. Eventually, people will be buying more digital items that don’t exist in real life, thus further showcasing the potential value of the virtual realm.
Whatever the case, Meta sees NFTs as a stepping stone and as another foundational element in its Metaverse shift, which is why it’s so keen to push ahead with its NFT projects, despite public contrasts. This is also why Meta is experimenting with an NFT marketplace. The dream is that it’ll eventually facilitate the sale of virtual items in the app. This is where it sees real value and utility: in providing a direct connection between its current platforms and the Metaverse, potentially leading to next-level digital experiences.
The Wrap
True enough, Meta CEO Mark Zuckerberg has talked up the potential of NFTs and expanded the role that digital goods will be playing in the Metaverse shift. In this sense, it becomes less about what NFTs currently are and more about what they stand to represent. It’ll be interesting how users will eventually look to showcase their digital items on their Facebook and Instagram profiles.
Luckily, it’ll be a ‘slow rollout’, meaning that you won’t be swamped by a sudden influx of badly drawn profile pictures just yet. However, you might see a slight uptick in their numbers gradually.
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