In May, Meta pushed an NFT sharing to some Instagram content creators. In July, they tested the same feature on Facebook. Now the feature is finally available on Facebook for everyone in the United States to try. And it’s available in 100 different countries on Instagram. Although now they’re no longer referred to as a Facebook on Instagram NFT. Facebook prefers the term “digital collectible.”
Here’s everything you need to know about Meta’s digital collectible integration.
Facebook NFT sharing is finally available to everyone in the US.
“Today we’re announcing everyone on Facebook and Instagram in the US can now connect their wallets and share their digital collectibles,” reads a Sept. 29 Meta blog post. “This includes the ability for people to cross-post digital collectibles that they own across both Facebook and Instagram.”
Meta initially pushed the feature to give creators a new opportunity to monetize their work. Utilizing platforms as widespread as Facebook and Instagram opens an opportunity for artists to get fresh eyes on their creations.
It also provides a vetted environment with security tools to ensure collectors don’t get scammed. Meta also acknowledged blockchain technology’s potentially harmful environmental impact and committed to reducing emissions by purchasing renewable energy. Though, now that the Ethereum blockchain has switched to a proof-of-stake protocol, many NFTs are far more eco-friendly.
How do you share digital collectibles on Facebook and Instagram?
At publication, Meta’s digital collectible sharing service supports five third-party wallets. Users can connect their Rainbow, MetaMask, Trust Wallet, Coinbase Wallet, or Dapper Wallet accounts to Facebook and Instagram. In addition, the feature supports NFTs hosted on Ethereum, Polygon, and Flow. All three blockchains use a proof-of-stake protocol to reduce energy consumption massively.
There’s no word on if Meta will take a cut of the profit from NFT sales on Facebook and Instagram. Though, the standard cut on platforms like OpenSea is about 3%. However, this announcement comes just after the news that Apple charges a 30% NFT commission fee through the app store.