On November 4, 2022
Meta adds blockchain and NFT distribution tools for its social media platforms with OpenSea integrations
This Wednesday, Meta introduced new eCommerce tools for its Facebook and Instagram social media platforms, enhancing the purchasing process of digital collectables and NFTs. The update includes tools for NFT creation, new buyer engagement opportunities, and profile settings.
With an integrated end-to-end toolkit, Facebook and Instagram digital vendors can create, showcase, and monetise blockchain collectables.
The toolkit lets creators list NFTs on an integrated marketplace, add multiple editions, price collectables in various currencies, track resale commissions, and blockchain fee information.
Meta is building its NFT content creation toolkit on the Polygon blockchain, an Ethereum-based solution designed for scalability and efficiency. Polygon is a top platform for Metaverse services and Web3 content, firms such as NBCUniversal, RIFT-AR, and Opera, use the service to power Web3 ambitions.
Additionally, Meta is expanding support on its NFT marketplace for other digital collectables, including videos, the Solana blockchain, and Phantom wallets.
The update enables potential buyers to purchase digital blockchain goods directly through the Instagram application. In August, Meta enabled users on its umbrella of social media applications to change their profile picture to an NFT.
Meta is rolling the update out to a small group of US-based content creators, with the Menlo Park-based firm planning further expansion to other regions.
OpenSea Integration for Data Collection
Moreover, Meta is integrating the NFT ecosystem OpenSea into Instagram to boost information collection regarding its metadata, such as NFT names and descriptions.
In April, OpenSea accepted traditional payment methods allowing users to purchase blockchain goods without a crypto wallet. OpenSea now accepts credit cards like Visa, MasterCard, and American Express. The platform also takes Apple and Google Pay digital wallet payments.
OpenSea also purchased NFT aggradation service Gem to roll out low-cost blockchain transactions. This enables OpenSea to secure users with low-cost transactions across multiple NFT marketplaces, and the move enhances the platform for users at all levels with improved service flexibility.
Following its acquisition, Gem will continue to run as an independent platform while OpenSea integrates its current and upcoming features.
In June, cloud-based Metaverse content distribution platform STYLY integrated the OpenSea toolkit to scale NFT monetisation, with plans to support other blockchains and digital marketplaces based on community requests.
STYLY promoted the OpenSea integration alongside new NFT and Metaverse content creation tools with its NFT.NYC takeover art exhibition at Times Square, New York.
The event showcases artwork from chosen immersive artists, with STYLY distributing the featured Metaverse artworks on its OpenSea NFT marketplace following the event.