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Facebook Begins Testing NFT at a time when tech stocks are dropping

Navigasi - Meta, formerly known as Facebook, has started rolling out NFT for some US content creators on its flagship social network. Facebook started with Ethereum and Polygon NFT but will soon add support for NFT on Solana and Flow according to a source from Decrypt.

Facebook Begins Testing NFT at a time when tech stocks are dropping
Facebook Begins Testing NFT at a time when tech stocks are dropping


Meta Product Manager Navdeep Singh shared a sneak peek of what NFT might look like on Facebook in a Twitter post on Wednesday. According to the post, users will have a “digital collection” tab on their Facebook profile where they can showcase their NFT, which is a unique blockchain token that signifies ownership.

Technology and media consultant Martin Bryant argues that Meta "obviously wants to offer a home for the Web3 people". If widely used, users will be able to link their cryptocurrency wallets to their Facebook profiles.

Investors lowered the valuation of the world's biggest tech firms in the second quarter as the central bank raised interest rates to ward off inflation as big tech names became less valuable in the first quarter, with Russia's invasion of Ukraine. The situation worsened in the second quarter as the Federal Reserve reacted by raising interest rates.

- Tesla's quarterly decline slumped nearly 38% as CEO Elon Musk bid to acquire social media company Twitter for $44 billion.

- Amazon fell nearly 35%, the most since the third quarter of 2001. The company's first-quarter revenue fell from analyst estimates in April as revenue growth slowed.

- Alphabet, ended the quarter down nearly 22%, its worst result since the fourth quarter of 2008.

- Microsoft shares are down about 17%, the steepest drop since the second quarter of 2010.

- Apple shares fell nearly 22% in the second quarter in the stock's worst performance since the fourth quarter of 2018, when Apple reported light guidance and the stock market as a whole saw a sharp sell-off.

- Facebook's parent Meta Platform — whose ticker symbol changed to META from FB this month to match its new corporate identity reflecting a stronger emphasis on virtual worlds where people can transact and interact — saw its share drop by more than 27%.