Meta enables NFT cross-posting, making them shareable on Facebook and Instagram in 100 countries

by James · September 29, 2022

Cross-platform sharing was announced by Meta in the morning hours of September 29, linking Facebook and Instagram.
The NFT market saw waning interest as monthly volumes have reduced to just over $500 million.
Week on week NFT traders have also reduced by over 57% as transactions fell to 1.6 million this month.

NFTs rose to prominence in late 2021 and peaked around January 2022. Since then, every major and minor marketing strategy has incorporated NFTs to gain access to a larger audience while bringing NFTs to mainstream media.

While NFTs haven’t been the best investment/trading vehicle for the past couple of months, the biggest social media company in the world is leaning into them.

Meta that makes NFTs meta

After launching the feature of displaying these digital collectibles on profiles in May this year, Meta expanded it to over 100 countries in August.

Touching on Africa, Asia-Pacific, the Middle East, and the Americas, Meta also added support connections with third-party wallets, including Rainbow, MetaMask, Trust Wallet, Coinbase Wallet, and Dapper Wallet.

Taking the next step in further promoting the feature, Meta announced on September 29 that US users of Facebook and Instagram will be able to share their digital collectibles on those platforms. In addition, these NFTs can also be cross-posted on both platforms.

Are NFTs struggling to find takers?

Since the beginning of this year, NFT trading volumes across all NFT marketplaces have declined due to adverse market conditions. After completing $17.1 billion worth of transactions in January, the number fell.

NFT monthly trading volume

At the time of writing, the total NFT trades for the month of September are just under $500 million. Although another $19 million is expected in the next 48 hours, monthly volume will still be at a 15-month low.

While demand has certainly decreased, the presence of NFT traders has also contributed to the reduced volumes. Between January and September, the total number of traders has decreased by 57.8%, leaving only 232,000 active traders on these marketplaces.

NFT active traders