Wednesday, December 7, 2022

Meta plans to do NFT testing on Instagram Stories

Meta, which runs social networking sites Facebook and Instagram, is set to begin testing the display of non-fungible tokens (NFTs) on Instagram Stories using its augmented reality platform AR. After initial testing of NFT display options on Instagram last month, Meta is now expanding the scope of testing. It also plans to bring the NFT display to Facebook.

NFT founder Mark Zuckerberg posted a Facebook post Post “We’re expanding our testing range to allow more creators from around the world to display their NFTs on Instagram,” it said in a statement. The company has also said that after the launch of this service, creators and collectors will be able to share their digital collectibles on Facebook and Instagram. Zuckerberg had informed about the integration of NFT on Instagram a few months back. He told in a video last month that the team at Meta has begun work on the integration of digital collectibles into its Metaverse and Reality Labs plans. This will also include apps from Meta.

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Networks that provide support for this service include Ethereum and Polygon. Meta also plans to launch a payment platform that supports cryptocurrencies. META has applied for a patent to the US Patent and Trademark Office (USPTO). Meta has sought a license for an online social networking service for investors. The service will facilitate the trade and exchange of digital currency, virtual currency, cryptocurrencies, blockchain assets, digital tokens and utility tokens.

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META recently applied for these patents. About a month ago, the company submitted eight license applications for projects in the Web3 segment, including the Metaverse. The company may launch new social networking platforms, e-commerce services, telecom services for digital asset holders and an advertising platform linked to the metaverse. The company plans to increase its presence in Web 3. This is part of Meta’s efforts to strengthen its position in the crypto and metawork segments. Blockchain-based Web 3 is being touted as the next era of the Internet. Cryptocurrencies and NFTs may have a major stake in this.

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