Instagram NFT integration enabled by Meta in over 100 countries

By: Ikenna Odunze

Instagram NFT integration enabled by Meta in over 100 countries

August 5, 2022 1:41 PM

The company of Mark Zuckerberg, having indicated a steep loss in its Metaverse division in Q2, uncovered its digital asset strategy on expansion on the 10th of May, 2022.

 

Based on a Meta newsroom post on Thursday, the company led by Mark Zuckerberg has begun the expansion of its non fungible token (NFT) across 100 countries in Africa, the Middle East, the Americas and the Asia Pacific. The addition of wallet connection support is included with Coinbase wallet and Dapper as well as being able to post digital collectibles minted on the Flow Blockchain. The well known social media app Instagram is the target of the initial rollout.

 

The company stated in an updated post, that one needs as easily as connect their digital wallet to Instagram to make an NFT post. Third party wallet integrations with Trust wallet, Dapper wallet, Coinbase wallet, Rainbow and Metamask are either complete as of Thursday or are about to be. The Blockchains that are supported at this time are Flow, Polygon and Ethereum. Posting or sharing digital collectibles on Instagram is free of fees.

 

 

Flow is a layer-1 blockchain having its same name bearer FLOW token acting as tender for governance, transactions and network participation. The following are notable ecosystem partners Ultimate Fighting Championship, National Basketball Association, Ubisoft, Warner Music, Circle, Animoca Brands, Binance, Opensea and now Meta. 

 

Along with the metaverse, digital assets appear to have become one of Meta’s core components for expansion. During the second quarter of 2022, the company’s revenue fell 1% year over year to $28.8 billion while its operating income decreased by 32% to $8.36 billion in the same period. CEO Mark Zuckerberg said he was unfazed by the whopping $2.8 billion loss in the company's Metaverse division, and that instead there was an opportunity to make “hundreds of billions,” or even “trillions,” of dollars as the sector matures.

 

Digital assets, along with the Metaverse, appear to have become one of Meta's main component for expansion.