Although the popularity of Non Fungible Tokens (NFTs) has waned over the last couple of months, Meta is rolling out new display options on Facebook.
Subscribers will now be able to post custom NFTs bearing a ‘Digital collectibles’ tag on the platform. Profiles will also have a dedicated section to display NFTs. Once other users tap on the NFTs, they will be able to see the ownership of the artwork and a brief description about the piece.
Facebook will be able to support Ethereum, Polygon, and all of the major exchanges by allowing NFT owners to connect their Rainbow, Trust Wallet, and MetaMask accounts to authenticate NFT ownership. The information is sourced from the NFT details displayed on the public blockchain.
NFTs have been on a downward trajectory after it shot to popularity a few months back. The sale of digital items has been marred with scams, exploits and in some cases, users have lost thousands and even millions in some cases.
NFTs started as a great way for users to make money off their work such as posts, images and artwork. Since September last year, records show that interest in the collectibles has gone down by 92 percent.
Meta however believes that the digital collectibles will be a big thing in the future, hence its adoption on both Instagram and Facebook. The company recently unveiled new ways for creators to monetize on its platforms, including NFTs.
Apart from Display, the company is also developing an NFT Marketplace to help creators make money off their collectibles.
The new feature is being rolled out slowly, so you may not see it immediately.
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