NFTs are coming to Facebook.
You may soon be able to link your cryptocurrency wallet on meta (Facebook) and receive likes, comments, and even publish your NFTs as posts. After releasing NFTs on Instagram for a select group of creators in a few nations, Meta recently made this step. Top Facebook creators have been chosen to participate in the social media giant's testing of non-fungible tokens (NFTs) based on Polygon and Ethereum. These creators can display NFTs on their profiles using this feature in a new tab.
The product manager at Meta, Navdeep Singh, gave a sneak peek into the platform through a tweet. It shows that users can put NFTs on their timeline, and clicking on them will display information about the collection and its creator.
We're expanding our test so more creators worldwide can display their NFTs on Instagram," Meta CEO Mark Zuckerberg said on June 21. "We'll bring this feature to Facebook soon too – starting with a small group of US creators – so people can cross-post on Instagram and Facebook.
In addition, according to Zuckerberg, Meta will develop 3D NFTs for augmented reality that can be added to Instagram Stories using Spark AR, the company's software AR platform.
Martin Bryant, a tech and media consultant, observed that Meta's statement "obviously intends to offer a home to Web3 folks", given that the business has recently started testing modifications to Facebook Groups that will make them "more like Discord."
Meta revealed that there wouldn't be any charges for sharing or posting a digital collectible. The firm has also stated that it will not, for the time being, allow users to convert digital collection posts into advertisements. Additionally, it said that by purchasing sustainable energy, it is assisting in reducing the carbon impact that digital collectibles may have.
PSG Star Mbappé Backs NFT Fantasy Football Platform Sorare.
Kylian Mbappé, a French football player, is the most recent athlete to enter the NFT market. As an investor and international ambassador, the Paris Saint-Germain FC star has joined the NFT-based fantasy football platform, Sorare. Furthermore, Sorare is signing a player ambassador for the first time with this agreement.
Currently, Sorare has more than two million members worldwide and more than 250 sports collaborations with leagues like LaLiga, the Bundesliga, and Major League Baseball (MLB). Since this partnership, secondary sales of the NFT player cards for the game have skyrocketed. According to Cryptoslam, Sorare has registered NFT sales of approximately $6.6 million over the past 24 hours, an increase of 795 per cent.
In the fantasy sports game Sorare, player cards are represented by NFTs. Users can design weekly lineups using the real-world player cards acquired from more than 250 foreign clubs, collecting points based on how well each player performs in the real world. There are many active leagues on Sorare, and winners receive rewards in the form of NFTs and ETH.
Rio Ferdinand, Gerard Pique, and Serena Williams are three more well-known athletes who have all invested in Sorare.
Three Arrows Capital Files For Bankruptcy
According to reports from Bloomberg and CNBC, cryptocurrency hedge fund Three Arrows Capital (3AC) filed for Chapter 15 bankruptcy to shield its US assets from foreign creditors. For quite some time, The mega fund, established by Credit Suisse traders Zhu Su and Kyle Davies, was a crucial player in the crypto finance industry and handled assets worth an estimated $10 billion. Due to its insolvency, significant industry participants have been compelled to reorganise their operations and restrict consumer withdrawals.
The Monetary Authority of Singapore also censured three Arrows Capital on Thursday for giving it "false information" and being "misleading."
Early this week, sources claimed that 3AC had defaulted on a $670 million loan from cryptocurrency broker Voyager Digital. As a result, all transactions, deposits, and withdrawals have since been suspended. BlockFi disclosed yesterday that it had reached an agreement with FTX U.S. and that its business with 3AC had lost them about $80 million.
When Do Kwon's algorithmic stablecoin UST destabilised and saw a sharp decline in value in May, the company suffered losses of almost $200 million. Since then, 3AC's positions have been liquidated by BitMEX, FTX, and Deribit. The so-called crypto "winter," which has destroyed stablecoins and driven the value of Bitcoin down, has also affected several other crypto companies, including the titans of lending Celcius and Babel Finance.