The social media powerhouse Meta has announced that users of Facebook and Instagram in the United States may now link their wallets and share their “digital collections.”
The option to post one’s non-fungible tokens (NFTs), or “digital collections,” as Meta refers to them, on these two significant social media sites will be part of this, it was announced on Thursday.
The tool is now accessible to “all users in 100 countries with digital collections available on Instagram,” according to Meta.
Some internet users have spoken out against the choice, criticizing the action and expressing mistrust of Meta in particular, while many seem to support it. Many other people also expressed privacy-related worries.
According to a tweet by trader, investor, and media figure Ran Neuner, individuals who have connected wallets may really be allowing access to their whole cryptocurrency trading history.
Facebook stated that users would be able to post NFTs on both Facebook and Instagram exactly one month ago, in late August. Users will be able to share their digital collections with both apps after connecting their digital wallet to either one of them once, according to the development team.
The corporation announced the start of its global growth into 100 nations across Africa, Asia Pacific, the Middle East, and the Americas at the beginning of August.
A number of US producers were reportedly given permission by Meta to display NFTs on their Facebook accounts in July after the business started testing NFTs on Instagram in May.
The supported blockchains at the moment are Flow (FLOW), Polygon (MATIC), and Ethereum (ETH), while a recent post hinted that Solana (SOL) was also on the way. Rainbow, MetaMask, Trust Wallet, Coinbase, and Dapper are examples of third-party wallets that are compatible. There will also be phantoms.
In May, Meta stated that there was no fee for sharing or posting your digital collection on Instagram.
The latest NFT action coincided with Meta’s announcement that it will stop hiring, rearrange some teams, and decrease budgets on most teams to reduce costs, according to Fortune.
“We had anticipated the economy would have stabilized substantially more than it has by now, but from what we’ve seen, it doesn’t look that way yet, so we’re going to be a little more conservative,” Chief Executive Mark Zuckerberg said. He said, “I want to plan.”
The CEO clarified, implying that the rise of advertising-income is slowing:
For the first 18 years of the business, we essentially grew quickly every year, but revenues have only recently been stable or slightly dropping.