Erik Weijers, 5 months ago

NFTs live on Facebook

Facebook's parent company, Meta, has cautiously begun rolling out the display of NFTs. In the United States, some users with creator status are now seeing the ability to display them on their 'digital collectibles' tab.

Two months ago, Meta had already introduced NFTs on Instagram. In time, users will also be able to 'cross-post' the digital collectibles between Instagram and Facebook. Sales are not possible at this time.

Minted on Ethereum and Polygon

Although Facebook obviously has its own server farms and databases, it uses the Ethereum and Polygon blockchain to store the NFTs. Support is also coming for NFTs on Solana and Flow. As with NFTs on OpenSea, for example, you can connect to wallets supported such as Trust Wallet and Metamask. Coinbase and Phantom are coming too.

Cautious rollout

The tentative rollout has to do with Meta recognizing that the centralized nature of the social media giant is at odds with the decentralized creation and storage of NFTs. Whether and how these two worlds go together in the eyes of users is something the company wants to collect feedback on.

Seize the memes of production!

Meta, as we know, was formerly known as Facebook. The name change was a signal that the company wants to move away from the status of a social media company. Instead, it wants to become a leader in the world of the Metaverse.

In the process, not surprisingly, the company is getting a lot of criticism from crypto advocates. Seize the memes of production! has become a battle cry. In other words, we want to build our own metaverse (Decentraland, Sandbox) and have full ownership of our NFTs ourselves. Why would we need Facebook? One answer to that question is that Facebook unlocks a huge potential market and artists (creators) can benefit from that. The flip side is that Facebook will want to grab a hefty margin on the sale of NFTs. With their Horizon metaverse app, the company announced that they want to charge 47.5% on the exchange of Horizon items between users.

Featured articles
Four trading strategies for crypto
Bitcoin and Ethereum: what are the differences?
What determines the Bitcoin price?
Related articles
TIMEX is launching limited BAYC watches

Dec 05, 2022

Rolex is the brand that comes first to mind when talking about exclusive and expensive watches. Of course, there are several other exclusive brands and some of their watches are even more expensive. Timex is an all-American company founded in 1854 that is not so well-known in Europe.

Trade anytime, anywhere

Boost your trading impact and reaction time in over 80+ cryptocurrencies via instant access to your portfolio with the LiteBit app.

  • 2525 Ventures B.V.
  • 3014 DA Rotterdam
  • The Netherlands
More info
  • About LiteBit
  • Careers
  • Business account
  • Support
  • Sell
  • News
  • Education
Subscribe for updates

Sign up to stay informed via our email updates

Subscribe
Explore popular coins
© 2022 LiteBit - All rights reserved