Meta Reveals That The NFTs Testing Will Begin This Week

2022-05-10 01:11:47

The tech behemoth from the Silicon Valley, Meta, owner of Facebook and Instagram, announced that its very anticipated app for photo-sharing will begin testing with non-fungible tokens (NFTs) by the end of this week. This news comes after the chief executive officer at Meta, Mark Zuckerberg, revealed that the company is one step closer toward making this project a reality.

Moreover, according to the CEO of Meta, the goal is to take sharing and creating NFTs to a whole new level, and one of these revolutionary features is the option to post virtual reality NFTs on Instagram stories. In addition, Zuckerberg reveals that both collectors and creators alike will be able to store and display their NFTs on their profiles.

Furthermore, the company in charge of powering this revolutionary feature is Spark AR, the largest producer of mobile augmented reality software in the world. And according to the CEO, Meta intends to use the exact same model, feature and platform for Facebook as well, only this will occur later in the upcoming months.

The news about Meta testing the NFTs app for photo-sharing this week is something that it is brewing for a while now. The first rumours that Instagram will add the non-fungible tokens feature first broke out towards the end of 2021, after the Financial Times officially confirmed this information in January of 2021, even adding the possibility of Facebook creating its own NFT marketplace.

With that being said, Instagram already decided on four blockchain operators to purchase NFTs, including Polygon, Ethereum, Solana and Flow, with Meta yet to disclose the exact blockchain platform that will support the upcoming photo-NFT feature.

However, considering the staggering drop of  NFT sales of nearly 92% in  just half a year, it will be interesting to see whether Meta will have any success with this project, and whether the NFTs testing will begin as scheduled.

 

 

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