After Instagram, it’s Facebook’s turn to welcome NFTs. In a blog post, Meta recently announced that it will soon be possible to share certified images on its profile.
Like Instagram, the images look like any post with the addition of a little ” digital-collectible at the bottom left to differentiate them. You need to connect your virtual wallet to one of the two social networks to use it on the other platform.
If this innovation is deployed, it will come as the NFT market is shrinking. The sales volume of the leading dedicated platform OpenSea decreased by 99% in just four months. Where the site processed $2.7 billion in NFT transactions on May 1, the market recorded just $9.34 million on Sunday.
Cryptocurrencies are also floundering, with Bitcoin down nearly 57% since the start of the year. It is currently trading at around $20,300, where one Bitcoin was worth $47,738 on January 1. For its part, Ethereum fell by around 59%.
If Meta doesn’t leave the market, it’s because it sees a financial opportunity there. According to rumors, the company is planning a store on its platforms as well as tools to verify NFTs. He also plans to sell some in the metaverse, which will give him a chance to earn a good commission.