Facebook and Instagram launch NFT display function, Zuckerbergs photo NFT sold for $100,000

 NFT News    |      2022-10-01
Whether the news of the listing of NFTs can prevent the recent decline of Meta is still unpredictable.

After the NFT function has been tested for a long time, Meta officially announced that its two major social platforms have officially launched the function.

On September 29, Meta published a brief official blog post that read, "Today we announced that everyone on Facebook and Instagram in the US region can now connect their wallets and share their digital collectibles. This includes people The digital collectibles they own can be cross-displayed on Facebook and Instagram. Plus, everyone in the 100 countries that offer digital collectibles on Instagram can now use the feature.”

Meta also said that starting this week, they will be testing digital collectibles on Instagram with select U.S. creators and collectors to share NFTs they create or buy. This feature includes connecting digital wallets, sharing digital collectibles, and automatically tagging creators and collectors. And there are no fees for posting or sharing digital collectibles on Instagram. Instagram users can also cross-display their NFTs to their Facebook accounts.

The first crypto wallets supported by Instagram include Coinbase, Dapper Labs, MetaMask, Rainbow, and Trust. Supported blockchain networks include Flow and Polygon. FLow is a public chain, and many international companies, including the NBA, have used this blockchain to issue NFTs. Polygon is a side chain of the Ethereum network, known for its convenience and low cost.

Just before the news was announced, an NFT baseball card with Meta founder Mark Zuckerberg as the IP was successfully auctioned. The NFT contains a physical card and image of a childhood photo of Mark Zuckerberg, allegedly taken in 1992 when Mark Zuckerberg was eight years old, with Mark Zuckerberg wearing a baseball on his head Cap, wearing a baseball uniform and smiling, this photo was given to his camp counselor of the year. It is reported that the NFT has been successfully auctioned, and the final price is about 100,000 US dollars.

Instagram, for its part, began testing the NFT showcase feature on its platform in May 2022, when they allowed selected US users to connect to their crypto wallets and showcase NFTs they created or purchased. Instagram also added a "flicker" effect to the NFTs displayed at the time.

In August 2022, Instagram expanded the beta to 100 countries in Africa, Asia Pacific, the Middle East, and the Americas, and added support for Coinbase Wallet and Dapper Wallet. Facebook has also started testing the feature.

Whether the news of the launch of NFT can stop Meta's recent decline is still unpredictable. Meta Platform Chairman and CEO Mark Zuckerberg just announced at a regular meeting with employees this week that Meta has frozen recruitment and will undergo personnel and team restructuring. , and cut costs and shift priorities.

Zuckerberg announced the social networking company's plans to freeze during a weekly question-and-answer session with employees, according to a person who attended the meeting. Meta's further cost-cutting and hiring freeze are its clearest statements. At the moment, Meta's revenue pillar advertising revenue growth is slowing amid increasing competition for users. Meta said earlier this year that it plans to slow hiring for some management positions and delay releasing full-time jobs to summer interns. Zuckerberg had warned in July that Meta would "steadily reduce headcount growth" and that "many teams will be downsized so we can shift our energies to other areas."

As of press time, Meta’s stock price fell as much as 4% during the session, approaching recent lows. It finally closed down 3.67% at $136.41.