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Meta starts international expansion of NFT support on Instagram

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Joyashree Dey Follow

INDIA

Aug, 09 2022

Aug, 09 2022

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As per a blog post updated on August 4, Meta has announced that the digital collectibles feature hosted on Instagram will see a rollout in 100 countries. 


The blog post follows the social network’s initial NFT test launch in May. With this expansion, users and businesses in more than 100 countries in Africa, Asia-Pacific, the Middle East, and the Americas can now share their NFTs on Instagram. Before the expansion, the support was only accessible to selected creators in the US. 


The company also announced on Thursday that Coinbase Wallet and Dapper Wallet now are accepted as third-party wallets viable for use. Instagram is likewise expanding its supported blockchains to incorporate Flow. 


The news follows Meta conveying subpar quarterly income for the second quarter of this year and the company’s metaverse unit losing money. Besides, on July 30, Ethereum’s co-founder criticized corporate metaverse attempts and added “anything Facebook creates now will misfire.” 


Meta added on Thursday, that as far as Instagram’s NFT rollout, “no fees associated with posting or sharing a digital collectible on Instagram.” The organization is also definite that it supports third-party wallet connections with wallets like 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’s introduction of NFTs to Instagram marks the CEO of Instagram, Adam Mosseri’s comment that Instagram would implement the technology in 2021. Then in mid-March 2022, Meta CEO Mark Zuckerberg said the social media platform was bringing NFTs to the platform in the “near term.” 



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Joyashree Dey

CBW - External Analyst

INDIA

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