Consolation Prize? BAYC NFTs Are Down 50% From Peak, But Owners Can Now Display Them On Facebook, Instagram

Zinger Key Points
  • Meta announced the launch of digital collectibles on its two leading platforms.
  • The free service comes as Meta lays the groundwork to become the primary-destination for the metaverse.
Consolation Prize? BAYC NFTs Are Down 50% From Peak, But Owners Can Now Display Them On Facebook, Instagram

The Mark Zuckerberg-led Meta Platforms Inc META continues to make its push into the metaverse by making its two flagship products, Facebook and Instagram, a place where users can share and post digital collectibles they own.

What happened: On Monday, Meta announced the launch of digital collectibles on its two leading platforms. Benzinga previously reported that NFT (non-fungible token) owners in more than 100 countries can share their digital commodities on both platforms by connecting their digital wallets to either one.

“As we continue rolling out digital collectibles on Facebook and Instagram, we’ve started giving people the ability to post digital collectibles that they own across both Facebook and Instagram. This will enable people to connect their digital wallets once to either app in order to share their digital collectibles across both,” Meta’s update said.

In order to post an NFT, a user connects their digital wallet to either platform — as of now, Meta supports MetaMask, Coinbase Wallet, Trust Wallet, and Rainbow; with Dapper Wallet coming soon. The platform supports the Ethereum ETH/USD, Polygon MATIC/USD, and Flow FLOW/USD blockchains.

Why it matters: The free service comes as Meta lays the groundwork to become the primary-destination for the metaverse, an immersive digital world which Zuckerberg believes will eventually be a significant producer of revenue for the creator economy.
Read more: Elon Musk's Ex-Girlfriend Grimes Says Mark Zuckerberg 'Wildly Under Qualified' To Run Metaverse

In immersive 3D places like KnownOrigin, MakersPlace, and the Decentraland Museum, virtual NFT galleries allow owners to exhibit their NFTs as though they were works of art in a gallery. Although Meta doesn't presently have its own NFT gallery, with the metaverse's launch using the Oculus Quest 2 VR headset, a Meta NFT gallery may become a reality in the future.

Photo: Courtesy of opensea.io

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