Meta links Instagram’s NFT posts to Facebook as the market for ‘digital collectibles’ tanks
Meta has been testing support for NFT “digital collectible” posts on Instagram since May 2022, and if you’re among the expanding group of people with access, then you can now share posts with your blockchain-verified items on Facebook as well. According to an updated blog post from the company, it’s “started giving people the ability to post digital collectibles that they own across both Facebook and Instagram,” after they connect their digital wallets to either platform.
The posts will basically look like normal posts, according to a screenshot the company tweeted, but will have a badge marking them as a “digital collectible.”
The FAQ has a lot of details about how the connections work and keeping your account secure, which is important since linking NFTs to Facebook and Instagram likely increases the possibility that people who post them will be targeted with phishing attempts, which have successfully hijacked wallets and their associated items on multiple occasions.
The timing of this latest expansion and sharing across Facebook is conspicuously timed, popping up the day after Eminem and Snoop Dogg performed their Bored Ape Yacht Club-linked collaboration at MTV’s VMAs. Judging by the responses to that event, existing NFT fans seemed energized, but other music lovers weren’t as impressed.
Despite the performance, or perhaps because owners wanted to hold onto their NFTs and hope the values appreciate this afternoon, the BAYC ranked only fourth in a list of most active collections.
Forbes reports data listed on DappRadar shows trading volume on one of the largest NFT marketplaces, OpenSea, has fallen by 99 percent in the last four months alone. On May 1st, the marketplace had over $2.7 billion in transactions, compared to $9.34 million worth on Sunday. Another tracker on Dune Analytics shows how far sales volume has fallen from the peak. Somehow, this makes it the perfect time for social networks like Twitter, Reddit, and Facebook / Instagram to belatedly hop in — according to Reddit’s CEO, the secret is to not say NFT.