Over the last few years, the world of NFTs has exploded. In fact, from 2020-2021, the trading of NFTs increased to more than $17 billion - that’s an increase of 21,000% from 2020’s total of $82 million.
So how does this affect the world of digital marketing? Well, now collectors can share their non-fungible tokens on Facebook and Instagram. Stay tuned as we unpack some of the latest NFT feature rollouts from Meta.
What are NFTs?
NFTs (non-fungible tokens) are unique digital identifiers that cannot be copied, substituted, or subdivided. They’re recorded in a blockchain, which is used to certify authenticity and ownership, and they can now be posted to Facebook and Instagram.
New NFT features from Meta
Once NFT collectors have connected their digital wallets, they have the ability to post their collectibles on both Facebook and Instagram.
After announcing this option for Instagram in May of 2022, Meta began testing the feature with select creators from the US in June. As of August 29 2022, the feature is available and in testing on both platforms.
What does the feature include?
The feature includes the ability to connect a digital wallet, share digital collectibles and automatically tag the creator and collector.
Where is the feature available?
The feature is currently available to select users/collectors that are based in the United States.
How can NFTs be uploaded?
NFTs can be uploaded in the same way that regular posts are uploaded, but they will appear on the collector’s profile under a new tab.
How will we recognise an NFT posted on Facebook and Instagram?
Digital art will have a “digital collectibles” label attached to it.
Is there a fee for posting?
There is no fee for posting NFTs on Facebook and Instagram.
Can users advertise NFTs on Meta?
Time will tell if this changes, but at the moment, digital collectible posts cannot be turned into ads.
What are the accepted digital wallets that users can use?
Meta is currently accepting the following digital wallets:
- Trust Wallet
- Coinbase Wallet
- Dapper Wallet
What platforms are accepted for minting NFTs?
The current platforms accepted for minting NFTs are:
We don’t know what the future holds as far as NFT compatibility with Meta, but they announced earlier this year that they’re working on displaying NFTs through Instagram Stories and eventually making them Spark AR compatible.