The American multinational technology company Meta Platforms has started testing its non-fungible token on the leading social media platform Facebook.
As reported by TechCrunch, testing Facebook’s digital collection is a slow rollout and will only allow a select number of users in the United States to post NFT as their profile picture in a new tab.
Published NFTs will not be associated with fees, according to previous confirmation from Meta Platforms Inc (NASDAQ: META) and, in particular, will have all the functionality that the original Instagram implementation had. Just like on Instagram, NFT hosted on Facebook is labeled as a “digital collection”.
Each time the NFT is clicked, details about the digital collection are displayed, including the collection name, collection number, and the name of the artist who created the collection. The update to Facebook’s NFT testing comes days after the company’s founder and CEO, Mark Zuckerberg, confirmed that Facebook would soon be making its foray into the ecosystem.
As Zuckerberg explained at the time, he said there was built-in cross-functionality between Instagram’s NFT and that hosted on Facebook. However, a spokesperson who spoke to TechCrunch said that the cross-sharing feature has not been rolled out at this time.
Meta platform is the leader in NFT and Web 3.0
Meta Platform may not be a pioneer in the NFT world, but its interest and coordinated integration into its platform make it a formidable company committed to Web 3.0 goals.
Instagram’s initial NFT implementation includes two of the most well-known blockchain networks, including Ethereum (ETH) and Polygon (MATIC). Instagram is also starting to build capabilities to support digital collections hosted on the Solana protocol as well as the Flow blockchain. Although the supported chains for NFT integration were not initially announced, there are indications that they may be similar to Instagram.
When Meta Platforms changed its name from Facebook to what it is today, it cemented its plans to pioneer progress in the metaverse. As a deep-pocketed tech giant, Meta Platforms makes many targeted investments in the Web3.0 world, and that includes the launch of several augmented reality products.
According to Mark Zuckerberg, the company is working on NFT augmented reality, or NFT 3D, which users can add to their Instagram stories using Spark AR, the company’s AR software platform. The company’s NFT testing capabilities are also expanding globally to enable users in other regions to take advantage of the potential of this emerging technology. Instagram’s global NFT test expanded to include users in other parts of the world last week.
Meta Platforms says it will not add advertising capabilities to the NFT for now and will eliminate concerns about environmental sustainability by acquiring renewable energy.