Meta will expand NFT on Facebook, and Instagram this week

Meta disclosed its ambitions to enter the NFT market for the first time in May 2022 and recorded $5.7 billion in metaverse-related losses this year.

Less than one month after launching its digital wallet integration, Meta will enable chosen artists and NFT collectors to share their digital property on Facebook and Instagram.

Meta published the update on Monday, noting that this week, chosen users in the United States would be able to link their digital wallets and distribute NFTs (non-fungible tokens) on the company’s two primary social media platforms.

This month, Meta announced that artists and companies in about 100 countries throughout Africa, Asia-Pacific, the Middle East, and the Americas would be able to post NFTs on Instagram.

In May 2022, Meta initially declared its intention to grow into the NFT market. The technology business said that it would utilize public blockchain data to verify which collectables owners and producers are in possession of these collectables.

In a release, the business said, “It is crucial that our early initiatives in this field empower diverse perspectives and that underrepresented groups have access to new digital assets like NFTs.” By strengthening support for NFTs, we want to increase accessibility, reduce entrance barriers, and make the NFT environment more welcoming to all populations.

The announcement comes one month after Meta said it had lost $5.8 billion in 2022 while developing its metaverse segment. 

During the company’s earnings call in June, Meta CEO Mark Zuckerberg said, “This is clearly a highly costly process over the next many years.” “However, when the metaverse becomes more vital in every aspect of our lives, from social platforms and entertainment to work, education, and commerce, I am convinced that we will be pleased to have played a significant role in its development.”

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