• Sat. Jun 22nd, 2024

The top most-populra social media platform Meta disclosed that anyone who is the user of Facebook or Instagram will be able to attach their wallets to personal pages and exchange their digital collectible items.

According to Thursday’s announcement, this involves the resources for users to post non-payment tokens they own on its two platforms. These are referred to as ‘digital collectibles’ by Meta.

New features 

Anyone in more than a hundred countries who post digital information and collectible items now has access to this feature. While many online commentators welcomed the move, some criticized it and expressed distrust of Meta in particular.

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Many have also expressed privacy concerns. Media blogger, cryptocurrency investor Ran Neuner wrote in his tweet that people who attached wallets to their personal pages have now been given access to the full history of their cryptocurrency transactions.

One month before the news, in late August, he announced that Facebook would now allow users to post their NFTsand trade them. This will allow anyone to attach their electronic wallets to either app once and exchange their digital collections between the two platforms.

Company’s NFT system development 

The company has also announced its international development to over a hundred countries in all parts of the world. As previously reported, Meta began examining NFT on Instagram in May, and in July allowed a group of U.S. creators to host NFT on their Facebook accounts.

For the moment, the promoted blockchain systems (Ethereum, Polygon, Flow) will be accessible for users, as well as Solana (SOL) as stated in the previous report. Supported third-party wallets include Rainbow, Trust Wallet, MetaMask, Dapper;  Coinbase. Phantom should also be included in the near future. There will be no payment expected for posting or sharing digital collections on Instagram.

At the same time, NFT’s latest move comes after Meta said it would freeze accepting new employees, restructuring some teams and cut budgets for most teams to cut costs (according to Fortune News report).

This can’t mean anything optimistic for the development of the NFT system within social media platforms. Still, it can be bound to the overall recession of the market and cryptocurrencies stocks downturn.

Alvin Hayes

Alvin Hayes

Alvin Hayes is a seasoned news writer known for his engaging storytelling and thorough research. With a commitment to accuracy and a captivating writing style, his articles provide readers with insightful and well-rounded perspectives on current events.

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