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Meta Testing NFTs As Facebook Posts in Zuckerberg’s Metaverse Push

Facebook launched an NFT trial this week as a post labeled “Digital Collector” to expand its efforts in the Metaverse.

In June, Meta announced that it would extend its digital collection testing to Facebook and later test it on Instagram using the augmented reality platform SparkAR.

As NFT sales fell to the lowest level in a year, a trial version of Meta for a small group of US creators has arrived. According to the Guardian, NFT sales plummeted to nearly $ 1 billion in June, down from a peak of $ 12.6 billion in January.

According to a study by crypto market data firm Chainalysis, sales were significantly lower than at the same time last year, when sales reached $ 648 million.

Born in Richmond, Virginia, Jesse Smith, 45, is one of 10 creators trying out new features. NFT authors do not receive money from Facebook to post NFTs on the platform.

“It’s exciting, but Facebook doesn’t tell us what’s going to happen, so we’re not completely wondering what that means,” Smith said. “The world hasn’t caught up with NFTs yet, so I’m not sure if they understand what’s going on.”

The Facebook post shows a photo of the NFT, but there is no direct link to connect to the OpenSea exchange for purchase. Smith chose to post a link to it in the comments section.

The tattoo artist said it was like posting a regular photo, but the company gave him the option to click the “Digital Collector” button when uploading.

“I don’t know why they chose me. They told me that I had demographics of the audience and checked all the boxes of what they were looking for,” he said.

Social media giants announced on Friday that they will shut down pilot’s crypto wallet Novi in ​​September amid a slump in the digital asset market.

The platform was trying to make crypto payments via Facebook-backed Diem cryptocurrencies, but had to break those plans. Diem’s ​​chief executive officer said in a statement in January that consultations with federal regulators revealed that the project could not proceed.

The website says Facebook continues to support digital collectibles currently held on the Ethereum, Polygon and Flow blockchains.

Meta did not immediately respond to Insider’s request for comment.


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