NFTs Will Soon Arrive on Facebook and Instagram


Facebook CEO Mark Zuckerberg has made it clear that he finds NFTs and blockchain technologies very interesting.

The fact that Facebook was given an alternate name in the form of Meta is also a clear indicator of the fact that the 37-year-old entrepreneur is intrigued by Metaverse as well.

Recently, Zuckerberg made a confirmation about the company embarking on the process of testing different NFTs very soon. Though the testing will not be done very elaborately, it will be an important step toward the company adapting itself to new-age technologies. If everything goes well, NFTs will make an appearance on Facebook and Instagram in the near future.

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Mark Zuckerberg, via a Facebook community address, stated that Meta has just started testing some entities, which he referred to as ‘digital collectibles’, on Instagram. He further said that NFTs would soon be a part of Facebook. While talking about NFTs, he stated that “it’s about the expression”. He confidently asserted that NFTs will play an important role in the profile customization processes for Meta platforms.

One would remember that Facebook suffered a loss of $3 billion by investing in VR development this year. It is being said that Zuckerberg hopes to recover some of the money that the company has lost through blockchain.

Zuckerberg shared a good amount of detail about the steps being taken by Meta for the development of augmented reality technology. He also suggested that Facebook and Instagram users might get the opportunity to witness 3D NFTs being introduced on these platforms in the times to come. As per Zuckerberg, the Stories feature in Instagram could be used as an important tool to ‘project’ the 3D NFTs onto the real world.

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Several experts from the tech industry, including John Carmack, have raised concerns about several aspects related to Metaverse. Many have pointed out that its pre-release format is not very promising and does not offer one a fair idea of everything it could possibly offer.

As per a market analysis conducted by The Wall Street Journal recently, the sales of NFTs have gone down. If Facebook invests in these technologies on a long-term basis, the perception around them in the market can change drastically.

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