Facebook starts testing non-fungible tokens with select creators in US

Facebook has rolled out a test to support non-fungible tokens (NFTs) with a select group of creators in the US on its platform, as it aspires to capture the multi-billion dollar metaverse industry.

Navdeep Singh who is a product manager at Meta (formerly Facebook) shared screenshots of NFTs on Facebook.

“We’re launching NFTs on Facebook! Excited to share what I’ve been working on with the world,” he posted.

Instagram Head Adam Mosseri said that the team was “actively exploring NFTs” but didn’t have further details.

In a video, Mosseri said a small group of US users will get to display NFTs on their feed, stories and in messages.

Clicking on the tag called “digital collectibles” will showcase details like the name of the creator and the NFT owner.

“I want to acknowledge upfront that NFTs and blockchain technologies and Web3 more broadly are all about distributing trust, distributing power,” Mosseri said in the video.

“But Instagram is fundamentally a centralised platform, so there’s a tension there,” he added, adding that support for NFTs on Instagram may popularise the technology further.

Last month, Meta CEO Mark Zuckerberg said that NFTs will soon arrive on Instagram.