Facebook parent company Meta will add non-fungible token (NFT) support for users and content creators on Instagram and Facebook.
In a Facebook status update, Meta CEO Mark Zuckerberg said the social media giant is working to introduce the emerging technology, which is defined as a secure digital file which validates ownership, and is stored on the blockchain system.
NFTs can represent digital files, such as art, audio, video, items in video games and other forms of assets in the physical world.
Zuckerberg explained: “Meta plans to bring NFTs to apps in our family. This week, we’re starting to test digital collectibles on Instagram, so creators and collectors can display their NFTs on their profile. Similar functionality is coming to Facebook soon, along with augmented reality NFTs on Instagram Stories via Spark AR, so you can place digital art into physical spaces.”
The new feature forms part of the company’s metaverse strategy – the next frontier of the social media platform, which seeks to create an “embodied internet” where users interact, live and trade in an immersive virtual world using digital currency.
In October, Zuckerberg introduced Meta, the social network company’s new name and major re-brand strategy.
Following the announcement, Facebook reportedly spent over $10 billion on Reality Labs, its metaverse division that specialises in developing augmented reality and virtual reality hardware, software and content.
The new feature will enable integration for NFTs which are already owned by users, and Meta’s long-term vision is to enable users and content creators to mint their own NFTs.
In a video posted on Instagram, Adam Mosseri, head of Instagram, explained that this week the social media company will begin to test digital collectibles with a handful of US creators and collectors who will be able to share NFTs on Instagram.
There will be no fees associated with posting or sharing a digital collectible on Instagram, he added.
“While there are many ways of making money for creators, a lot of them are unpredictable and changing rapidly. One way of making money for creators is through NFTs. The idea of owning a unique digital item is an interesting one that can help creators make a living doing what they love.
“What we're starting with this week is the ability for creators and people to share NFTs that they've made or that they've bought, either in feed or in stories or in messaging,” explained Mosseri.
Last year, NFTs saw explosive growth as they rapidly drew the interest of the art, gaming and entertainment industries.
ICT analysts previously told ITWeb that the technology will see widespread adoption this year, as it finds favour in other industries, including finance, healthcare and real estate.
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