Wednesday, October 5, 2022
Home TECH Meta links Instagram's NFT posts to Facebook as 'digital collectibles' tank market

Meta links Instagram’s NFT posts to Facebook as ‘digital collectibles’ tank market

Meta has been testing support for NFT “digital collectible” posts on Instagram since May, and if you’re among the expanding pool of people with access, you can now share posts with your blockchain-verified items on Facebook as well. According to an updated company blog post, “It started giving people the ability to post digital collectibles they own to both Facebook and Instagram,” after connecting their digital wallets to either platform.

Posts will basically look like regular posts, depending on a screenshot the company tweetedbut they will have a badge marking them as “digital collectibles”.

NFT Instagram Posts Linking to Facebook
Image: Goal

the Frequently asked questions has a lot of details about how the connections work and keep your account safewhich is important as linking NFTs to Facebook and Instagram likely increases the chance that people posting them will be targeted by phishing attempts, who have successfully hijacked wallets and their associated items on multiple occasions.

The timing of this latest expansion and sharing on Facebook is clearly timed, coming the day after Eminem and Snoop Dogg performed their Bored Ape Yacht Club-linked collaboration at the MTV VMAs. Judging from the responses to that event, existing NFT fans seemed excited, but other music lovers weren’t as impressed.

Despite the performance, or perhaps because owners wanted to hold on to their NFTs and hope stocks appreciate this afternoon, the BAYC only ranks fourth in a list of the most active collections.

Forbes reports data listed on DappRadar shows that trading volume on one of the largest NFT markets, OpenSea, has dropped 99 percent in the last four months alone. On May 1, the market had more than $2.7 billion worth of transactions, compared to $9.34 million worth of trading on Sunday. Other tracker in Dune Analytics shows how much sales volume has fallen since the peak. In some ways, this makes it the perfect time for social networks like Twitter, Reddit, and Facebook/Instagram to be a latecomer; according to the CEO of Reddit, the secret is not to say NFT.


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