Mark Zuckerberg has unveiled the NFT Roadmap for Facebook and Instagram

When it comes to non-fungible tokens (NFTs), it’s no secret that Mark Zuckerberg has big plans. At a panel at the SXSW Festival in March 2022, Zuckerberg said he plans to turn Instagram into an NFT marketplace. In May, he began to fulfill that promise. The social media platform has begun testing NFT integration with a select set of users. At this time,

Zuckerberg mentioned that Facebook is going to go the same way soon. “Similar functionality is coming to Facebook soon,” he said.

Looks like maybe the time has finally come.

Earlier today (June 21, 2022), Zuckerberg revealed in a Facebook post how Facebook and Instagram plan to “help builders build metavers.” In particular, he outlined a feature roadmap that details the functionality added to platforms to help manufacturers monetize their work and make money.

To begin with,

Zuckerberg mentioned that Instagram would expand its NFT tests, allowing more developers to showcase their crypto art on the platform. He later said that Facebook would begin testing its own NFT with a small group of manufacturers based in the United States. Once adequate testing is completed, Zuckerberg makes it clear that NFTs will be able to free users from feeds and enable them to spread across the platform. In particular, thanks to SparkAR, NFTs can be shared on Instagram stores. Zuckerberg further noted that cross-posting functionality would receive a serious upgrade. “We’re launching a reels play bonus program for more creators on Facebook soon and allowing creators to cross-post their Instagram reels on Facebook and monetize them there as well,” he said. And he made it clear that individuals would also be able to cross-post their NFTs on Instagram and Facebook.

And, perhaps most notably, the Instagram Marketplace will eventually go live. Zuckerberg said the teams are testing the “Creator Marketplace” on Instagram. There, manufacturers will be able to “discover and pay” and brands will be able to “share new partnership opportunities.”

Of course, Facebook and Instagram are far from the only experimental social media platform with NFTs. In January 2022, Twitter has revealed a process Which allows users to verify their NFT and turn it into a profile picture. However, Zuckerberg’s efforts are different in that he is not interested in letting people show NFT. He wants users Sold Them on his platform. In this case, these NFT features all centered on monetization – on providing manufacturers with more ways to make money.

Of course, Facebook and Instagram will probably take a piece of the pie.

In a blog post published April 11, Meta discusses in detail the upcoming tools for its VR game, Horizon Worlds. In the post, the company says manufacturers will be able to sell digital items and charge 47.5% less than Meta All Sale. For comparison, most NFT marketplaces account for about 2.5% of each sale. Understandably, meter fees were a source of frustration.

In today’s post, Zuckerberg tries to allay some of those fears, noting that the creators of Instagram and Facebook don’t have to worry about it.

– For now. The platforms will not start cutting from manufacturers’ income until 2024.

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