Facebook Begins Testing Ethereum and Polygon NFTs on User Profiles

Meta, the parent company of Facebook, Instagram, and WhatsApp, has started a slow rollout that allows a select group of creators in the United States to post digital collectibles on Facebook, coming few weeks after the feature began testing on Instagram.

With this feature, these creators will be able to show off NFTs on their profiles under a new tab, and the art will have a ‘digital collectibles’ label – just like Instagram.

Navdeep Singh, a product manager at Meta, shared screenshots of the digital collectibles support

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SEE ALSO: [WATCH] NFTs are Coming to Instagram and Facebook

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Based the shared screenshots, you will soon be able to post NFTs on your timeline and clicking on them will show you details about that digital collectible, such as details about the collection and its creator.

On Instagram, as you will see in our article from May 2022, NFTs minted on Ethereum and Polygon were supported at launch, with Solana and Flow support in the works.

Meta CEO, Mark Zuckerberg, had then indicated in a video post that Facebook would also be implementing the service hinting that this was also part of the company’s metaverse play.

Zuckerberg has also said Meta is going to work on augmented reality NFTs, or 3D NFTs, that you can bring to Instagram Stories using Spark AR, Meta’s software AR platform.

Meta has since expanded its NFT test (which started in the US) on Instagram to allow more creators around the world to display their NFTs on the social media network. According to reports, Meta has said there won’t be any fees associated with posting or sharing a digital collectible.

In January 2022, we reported that Meta is considering launching its own NFT marketplace, part of its venture into the space that will also see users able to create and display NFTs on their profiles.

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RECOMMENDED READING: Facebook To Join The NFT Craze with its Own NFT Marketplace

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Uganda Inflation Rate Hits 6.8% in June 2022

The Bank of Uganda (BoU) is increasing the Central Bank Rate (CBR) to 8.5% from 7.5% following an extra-ordinary Monetary Policy Committee (MPC) meeting.

The hike comes just one month after the bank increased the rate to 7.5% from 6.5% in June 2022. At the time the Bank of Uganda said it will continue to raise the CBR until inflation is firmly contained around the medium-term target of 5%.

According to reports, the extra-ordinary MPC meeting was motivated by:

• The latest inflation data
• Signs of vulnerability exhibited by the local currency against the US dollar
• Raging uncertainty over global supply chain shocks caused by the ongoing Russia-Ukraine military conflict

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SEE ALSO: Zimbabwe Inflation Rate Hits 131.7% in May 2022

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According to the bank, ‘the annual headline and core inflation rose to 6.8% and 5.5% in June 2022 from 6.3% and 5.1% in May 2022.’

The bank said inflation is increasing rapidly and spreading broadly across the basket of goods and services. Annual food crop inflation has sharply risen from 0.7% in February 2022 to 14.5% in June 2022.

The supply and demand imbalances caused by the COVID-19 pandemic, and heightened by the Russia-Ukraine conflict, are the main underlying sources of broader price pressure, said the bank.

However, based on this data from Trading Economics, you can see that inflation has always trended up:

Uganda 5 Year Inflation Data

Bank of Ugandaa is forecasting that headline and core inflation will average 7.4 percent and 6.3 percent in 2022, which is slightly higher than the 7.2 percent and 6.1 percent that it had forecast in June 2022.

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RECOMMENDED READING: Bank of Uganda (BoU) Welcomes Crypto Businesses into its Regulatory Sandbox

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