According to CEO Mark Zuckerberg, Meta will begin testing digital items including NFTs on Instagram in the current week. Instagram artists and enthusiasts will soon be able to utilise NFTs as profile photographs, following the lead of other popular media sites such as Twitter in past months. However, the FB stock was declining even after the aforementioned announcement was made.
Zuckerberg stated that a comparable function will be arriving to Facebook shortly, although he didn’t specify a specific date. Spark AR is a free studio which lets corporations and individual users design their own filters, will potentially enable producers to deploy virtual reality NFTs over Instagram Stories. According to Meta CEO, this step will allow makers to install digital art in physical rooms and settings.
“In the Meta Store, you’ll be able to get hands-on experience with all our hardware products. We want you to interact with everything. We want you to pick stuff up, we want you to feel it.”said an official statement from Meta
The announcement comes following rumours over the week that Meta might enable NFTs via Ethereum (ETH), Solana (SOL), and Polygon (MATIC). The announcement of the forthcoming pilot was first reported by CoinDesk.
For the first quarter, Meta recorded a $2.9 million in losses for its Metaverse branch, Reality Labs, which it re-invested into the tech giant’s metaverse activities. Moroever, Meta today also announced the opening of its very first physical store, which will sell augmented and digital reality hardware.
The FB stock was down by 3.72% and traded at $196.19 (down by 7.58 points) at 11:06 a.m. EDT in the market trading session today. Moreover, the market capitalization of the stock was $530.9 billion. The share volume traded for the FB stock was 13,003,916, much lesser than the average trade volume of 35,306,203.