NFTs News: Facebook Are Also Embracing NFTs Soon

Meta’s CEO confirmed that NFTs are also coming to Facebook soon after similar functionality is reportedly to be tested on Instagram.

Mark Zuckerberg has confirmed that non-fungible tokens  will begin testing on Instagram this week.

In a new video, Meta’s CEO also confirmed that “similar functionality is coming to Facebook soon” too.

This is an especially significant development — not least because Facebook had an estimated 2.91 billion monthly active users as of 2022. In an interview with Tom Bilyeu, he said:

“We’re starting building for NFTs not just in our metaverse and Reality Labs work, but also across our family of apps.”

Zuckerberg said he hopes the pilot on Instagram will allow creators and collectors to reveal more of their identity in their profile.

“It’s about expression, and saying something about yourself. What do you want on your profile? What’s the collection that you want to show?”

He added that he’s “really excited” for the testing to commence — but said Meta is yet to decide whether its other platforms, such as WhatsApp, should take the plunge as well.

Zuckerberg also revealed that he wants to focus on “3D NFTs” — with collectors getting the chance to use augmented reality to project digital art onto physical spaces.

More Effects on NFT Space

Analysts have previously said that Meta’s arrival in the NFT space could prove bullish for this young industry — and potentially unseat established platforms.

But there will be other interesting side effects, too.

While a recent Wall Street Journal report did appear to have some shaky figures concerning trading volumes, it did point out that the NFT market is currently oversaturated — with an estimated five collectibles for every buyer.

The arrival of millions of new, interested users could help solve the problem of supply and demand imbalance. Or it could lead to an influx of even more non-fungible tokens into the market.