Did you think all the hype about NFTs began to deflate? Nah. Meta is not sitting idly by and is launching new NFT Display Options on Facebook.

So what will actually happen?

Profiles will have a new, dedicated NFT (Non-Fungible Token) section. Non-fungible artworks will be showcased there, while Facebook users will be able to create custom NFT posts, tagged as “Digital collectible”. When users tap on these images, they will be able to see who owns the work and who created it, along with a short description.

The information comes from a detailed NFT list that exists on public blockchain, with Facebook providing support for Ethereum, Polygon and all major exchanges, and with NFT owners being able to link their Rainbow, Trust Wallet and MetaMask accounts to verify ownership of the NFT. This will of course be the case if all these exchanges and tools are still up and running.

But what about NFTs in the meantime?

NFTs, as with all crypto-aligned projects, are currently experiencing a significant downturn, which largely reflects broader economic trends, but has also hit speculative financial products the most. Wall Street Journal recently reported that there has been a 92% decline in NFT sales since September of the last year. And why is this happening? Confidence in NFTs as an investment opportunity has been affected by a series of scams and exploits, which have resulted in many investors losing thousands, even millions!

Still, there is merit to the basic idea that digital objects will become a much bigger thing in the future of the Metaverse. There is no doubt that eventually people will buy more digital items that do not exist in real life in order to show off their status and personality in the virtual realm. Either way, Meta sees NFTs as a steppingstone and a fundamental element in its shift into the world of the Metaverse. This is why it is willing to move forward with NFTs.

This is also why Meta is experimenting with the NFT marketplace. This marketplace will facilitate the sale of virtual items in its applications. That’s where it sees real value and utility, providing a direct connection between its already existing platforms and the Metaverse. Users can buy and display their virtual items. This could then lead to next-level digital experiences.

So it’s less about what NFTs are right now and more about what they represent. It will be interesting to see how users might eventually showcase their digital items on their Facebook and Instagram profiles.

And when will all this happen?

According to Meta, there will be a “slow rollout” of its NFT tools on Facebook, starting with a select group of creators in the US, before expanding to other regions and other users.

So, you won’t suddenly see a flood of NFTs on Facebook. But you may see a series of digital objects slowly appearing on your home page.

If you want to delve into the world of NFTs and the Metaverse talk to Zoltar.agency. We bring tomorrow. Right now.
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