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Welcome to our Facebook Adopts Ethereum Video!

Facebook adds Ethereum & Polygon integration for NFTs! Cardano Upgrade SAME DAY as ETH MERGE! Now is the PERFECT TIME to buy Bitcoin?

There is so much, too much, to be said about Facebook’s announcement yesterday that it is changing its corporate name to “Meta” as part of a refocus on what is, essentially, online virtual reality. Most of what is to be said is really not good for Facebook. This is a desperation move made in the face of a PR nightmare that has a slim chance of panning out as a market proposition, and basically zero chance of reversing the company’s declining political and market fortunes in the U.S. and Europe.
So, given the target-rich environment, let’s start close to home: “Metaverse” is the second buzzy concept that Facebook has misappropriated from the blockchain industry. It is likely to be just as poorly executed as Zuck’s first craven magpie act, the would-be stablecoin Libra, now known as Diem (Facebook screwed up that launch so badly it had to rename the product: Sensing a theme?). Libra or Diem or Novi or Calibra or whatever was an attempt to steal some vague crypto halo while actually creating a powerful stream of new data for Facebook, in direct contravention of the principles behind the entire model being appropriated.

Meta is piloting non-fungible tokens (NFTs) with Ethereum and Polygon for select U.S. creators on Facebook and will soon add Solana and Flow, a Meta spokesperson told Decrypt.

The move follows the social media giant’s NFT support for some creators on Instagram in May. Last week, Meta expanded its Instagram NFT pilot to enable more creators worldwide to display their NFTs.

The Facebook trial is similar to Instagram’s initial pilot and enables creators to display NFTs on their profiles under a new tab. The art will show under a “digital collectibles” label, also like Instagram.

There is no cost to post or share NFTs, and for now, there is no ability to turn posts into paid ads.

The launch follows Meta CEO Mark Zuckerberg’s announcement last week that NFT support would soon be trialed on Facebook. At the time, Zuckerberg said the test would allow creators to cross-post on Instagram and Facebook but that sharing feature is not yet available.

Meta Product Manager Navdeep Singh tweeted screenshots of the digital collectibles framework, which show that when people click on NFTs posted on someone’s timeline, they will get details about that digital collectible, the collection, and the creator.

Select Facebook creators will be able to connect their cryptocurrency wallets to their Facebook profiles and turn their NFTs into Facebook posts.

Tech and media consultant Martin Bryant told Decrypt that Meta “clearly wants to offer a home to Web3 folks.” Meta also recently started testing changes to Facebook Groups to make them look “more like Discord.”

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The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speaker does not guarantee any particular outcome.

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