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
Mark Zuckerberg | Source: Shutterstock
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%.
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