Meta links Instagram’s NFT posts to Facebook as the market for ‘digital collectibles’ thoughts
Meta has been testing support for NFT “digital collectible” posts on Instagram since May, and if you’re among the growing group of people with access, you can now share posts with blockchain-verified items on Facebook as well. According to an updated blog post from the company, it has “started giving people the ability to post digital collectibles they own on both Facebook and Instagram,” after they connected their digital wallets to both platforms.
The posts will initially look like normal posts, according to a screenshot the company tweetedbut will have a mark marking them as a “digital collector’s item”.
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The FAQ has a lot of detail about how the connections work and how your account is secure, which is important since linking NFTs to Facebook and Instagram likely increases the possibility that people who post them will be targeted by phishing attempts, such as have hijacked wallets and their associated items on several occasions.
The timing of this latest extension and sharing on Facebook is strikingly timed, appearing the day after Eminem and Snoop Dogg performed their Bored Ape Yacht Club-affiliated collaboration at MTV’s VMAs. Judging by the responses to that event, existing NFT fans seemed energized, but other music lovers weren’t as impressed.
This was one of the first stories I read after leaving the dentist today. Now I wish the tooth drilling continued for a few more hours…
— zenyattamondatta (@zenyatamond8a) 29 August 2022
I was going to say it looks like a JibJab e-card.
— RCP (@r_c_p_AK) 29 August 2022
I’ve always wanted to experience a Gorillaz knock off 15 years later, but exceptionally worse
— EMPU Я E (@EMPURE_US) 29 August 2022
lmao this isn’t historical, it’s kind of depressing. this looks like the same kind of clunky video we saw constantly in the late 90’s when everyone was so excited to test the limits of 3d CG stuff in videos…and they all look dated now.
— guro gf (@blackmetalbrews) 29 August 2022
Despite the performance, or perhaps because owners wanted to hold on to their NFTs and hope their values appreciate this afternoon, BAYC ranked only fourth in a list of the most active collections.
Forbes reports data noted on DappRadar shows that trading volume on one of the largest NFT marketplaces, OpenSea, has dropped by 99 percent in just the past four months. As of May 1, the marketplace had over $2.7 billion in transactions, compared to $9.34 million worth on Sunday. Another tracker on Dune Analytics shows how far sales volume has fallen from its peak. Somehow this makes it the perfect time for social networks like Twitter, Reddit and Facebook / Instagram to jump in late – according to Reddit’s CEO, the secret is not to say NFT.
