In a blog post called “Introducing Digital Collectibles to Showcase NFTs on Instagram,” the parent company of Facebook, Meta, announced the company has started an “international expansion to 100 countries.” The company also revealed integrations with specific Web3 wallets that support the Ethereum, Polygon, and Flow blockchains.
Instagram’s NFT Support Will Connect With Third Party Web3 Wallets and Support 3 Blockchains
- Meta has announced that the digital collectibles feature hosted on Instagram will see a rollout in 100 countries, according to a blog post that was updated on August 4. Meta detailed that the rollout begins in countries like “Africa, Asia-Pacific, the Middle East, and the Americas.”
- “Additionally, we now support wallet connections with the Coinbase Wallet and Dapper, as well as the ability to post digital collectibles minted on the Flow blockchain,” Meta’s blog post adds.
- The news follows Meta delivering subpar quarterly earnings for Q2 2022 and the company’s metaverse unit losing money. Furthermore, on July 30, Ethereum’s co-founder criticized corporate metaverse attempts and added “anything Facebook creates now will misfire.”
- Meta said on Thursday, that as far as Instagram’s non-fungible token (NFT) rollout, “no fees associated with posting or sharing a digital collectible on Instagram.” The company also detailed that it supports third-party wallet connections with wallets such as Metamask, Rainbow, Coinbase Wallet, Dapper Wallet, and Trust Wallet.
- “The feature includes connecting a digital wallet, sharing digital collectibles, and automatically tagging the creator and collector,” Meta’s blog post summarizes.
- Meta introducing NFTs to Instagram follows the CEO of Instagram, Adam Mosseri, mentioning that the social media application would implement the technology last year. Then in mid-March 2022, Meta CEO Mark Zuckerberg said Instagram was bringing NFTs to the platform in the “near term.”
- Instagram was founded in 2010 by Mike Krieger and Kevin Systrom and it was acquired by Meta Platforms formally known as Facebook Inc. in 2012 in a $1 billion cash and stock deal.
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