Meta To Expand NFT Feature to Select Facebook, Instagram Users This Week

Meta first revealed its plans to expand into the NFT space in May 2022 and reported losing $5.7 billion on its metaverse plans so far this year

article-image

Mark Zuckerberg | Source: Shutterstock

share

key takeaways

  • Meta to bring NFT feature to both Instagram and Facebook starting this week
  • Meta stock is trading 53% lower, year to date

Less than a month after debuting its digital wallet integration, Meta will allow select creators and NFT collectors to post their digital property on both Facebook and Instagram. 

Meta posted the update Monday, announcing that selected US-based users will be able to connect their digital wallets and share NFTs (non-fungible tokens) on the company’s two main social media platforms starting this week. 

Earlier this month, Meta said creators and businesses in some 100 countries across Africa, the Asia-Pacific region, the Middle East and the Americas would be able to share their NFTs on Instagram. 

At the time of that announcement, Meta supported connections with several third-party wallets, including MetaMask and Coinbase Wallet. The tech giant also said that it supports three blockchains: Polygon, Ethereum and Flow. 

Meta first revealed its plans to expand into the NFT space in May 2022. The technology company said that it will use public blockchain data to verify which collectables owners and creators hold. 

“It’s critical that our early efforts in this space empower diverse voices and that underrepresented groups have access to emerging digital assets like NFTs,” the company said in the announcement. “By building support for NFTs, we aim to improve accessibility, lower barriers to entry, and help make the NFT space more inclusive to all communities.”

The update comes one month after Meta revealed that it has lost $5.7 billion building out its metaverse unit so far in 2022. In the second quarter of the year, the company posted its first ever revenue decline, missing analysts’ expectations. 

“This is obviously a very expensive undertaking over the next several years,” Meta CEO Mark Zuckerberg said in June during the company’s earnings call. “But as the metaverse becomes more important in every part of how we live from our social platforms and entertainment to work and education and commerce, I’m confident that we’re going to be glad that we played an important role in building this.”

Meta shares were trading down 0.6% Monday following the announcement. Year to date, the stock has lost 53%. Analysts surveyed by MarketBeat assigned Meta a “moderate buy” rating Monday with a forecasted upside of 56.9%.


Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the Forward Guidance newsletter.

Get alpha directly in your inbox with the 0xResearch newsletter — market highlights, charts, degen trade ideas, governance updates, and more.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.

Tags

Upcoming Events

Javits Center North | 445 11th Ave

Tues - Thurs, March 18 - 20, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

kamino cover.jpg

Research

Kamino has solidified its position as the leading money market on Solana and is emerging as a DeFi bluechip. Although DeFi competition is fierce, Kamino has kept iterating on its product to provide the best-in-class UX, paired with a robust risk management framework and battle-tested infrastructure. Given the rollout of Kamino Lend V2, the protocol may scale aggressively over the coming months, penetrating previously untapped markets in Solana DeFi.

article-image

Also in the tokenized fund space, Franklin Templeton launches on Base and Securitize hits $1 billion in tokenized RWA onchain

article-image

It turns out that bitcoin never actually hit an all-time high in March. Thanks a lot, inflation.

article-image

Spire, Citrea and Nillion also announced raises this week

article-image

The latest recipient of an SEC Wells notice is a Web3 gaming company

article-image

Thursday’s selloff was led by tech stocks, triggered by disappointing outlooks from giants Meta and Microsoft

article-image

Historically, positive returns have been a bit more of a toss-up during the year’s 11th month