The pace at which the world is moving on monetary values and initiation of currencies is a whole new revolution to both the cryptoverse and world at large. No longer a news that what the future holds between cryptocurrency in relation with the digitalization of money is something what thinking about as new revolution and renovations take place in the world on different bases and a whole new level.
Facebook's parent company, Meta, has announced two new developments as part of its ongoing efforts to integrate cryptocurrencies and blockchain.The first announcement will see Facebook expand its features, as the social site will begin to support non-fungible tokens. The second will see the company restrict availability: Meta’s digital currency wallet Novi will discontinue its pilot this fall.source
The introduction,renovation and digitalization of Facebook to the acceptance of NFT,s shows a whole new level to the social media app. The introduction of cryptocurrency into social media app is driving in a monetization feature on it and business oriented to the app. A look through deal to this in relation to all social media app is that their will be a downgrade of other social media apps by subscribers if the upgrade is not been replicated thereby giving Facebook a better hand as new members are been added in.
Reportedly, a select group of users in the United States are now able to display non-fungible tokens on their user profiles. Each displayed image is given a “digital collectibles” label.
The feature is said to be similar to one found on Instagram, which is also owned by Facebook parent company Meta. Instagram added support for NFTs in May, which allowed over one dozen creators to share NFTs created on Ethereum and Polygon. Instagram plans to add support for NFTs on Flow and Solana in the future.source
The developmental strategies employed by different companies in terms of technological inputs and the encryption of different spheres of digital livelihood in the world today is driving at a tail end of having crypto a general option in all transactions. The update in companies concerning cryptoverse implications and the quest to increase the interest and funds managed in a company is the driving factor to acknowledging cryptocurrency and what it entails. Looked through factors and points is that since NFT's and cryptocurrencies are been initiated in the social wall, what more features again outside crypto will be added as it looks like Facebook app remains incomplete in development as several things are been added.
Too many questions arising from the intelligence of her subscribers and the initiation of these feature as to if it will be of added importance to social life,will the foundation of the initiation be strong,will it handle the pressure that might submerge, will the support be there as very many terms and conditions been revealed. We await to see the put through and how it goes. But that not withstanding,it is a welcomed development to the world and also to social media apps at large as something's are been unveiled.