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Meta links Instagram’s NFT posts to Facebook as the market for ‘digital collectibles’ tanks

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Meta has been testing support for NFT “digital collectible” posts on Instagram since May, and if you’re one of the growing group of people with access, you can now share posts to your blockchain-verified assets on Facebook as well. According to an updated blog post from the company, it’s “started giving people the ability to post digital collectibles they own on both Facebook and Instagram,” after connecting their digital wallets to both platforms.

The messages basically look like normal messages, according to a screenshot that the company tweetedbut will have a badge marking them as a ‘digital collectible’.

NFT posts on Instagram linking to Facebook
Image: Meta

The FAQ has a lot of details about how the connections work and keep your account safewhich is important because linking NFTs to Facebook and Instagram likely increases the chances that people who post them will become the target of phishing attempts, which have successfully hijacked wallets and their associated items on multiple occasions.

The timing of this latest expansion and sharing to Facebook is strikingly timed, appearing the day after Eminem and Snoop Dogg performed their Bored Ape Yacht Club-linked collaboration at MTV’s VMAs. Judging by the response 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 hoped values ​​appreciated this afternoon, the BAYC has only ranked fourth in a list of the most active collections.

Forbes reports data listed on DappRadar shows that trading volume on one of the largest NFT marketplaces, OpenSea, has fallen 99 percent in the past four months alone. As of May 1, the market had more than $2.7 billion in trades, compared to $9.34 million on Sunday. Another tracker on Dune Analytics shows how far the sales volume has fallen from the peak. Somehow, this makes it the perfect time for social networks like Twitter, Reddit, and Facebook/Instagram to jump in late — according to Reddit’s CEO, the secret is not to say NFT.


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