Key Takeaways:
- Meta, Coinbase, and Dapper collaborate to roll out an NFT for Instagram users
- Mark Zuckerberg, the CEO, and founder of Meta posted an announcement about the rollout on Facebook.
- Following a successful testing phase in May, Instagram users in some countries can now display their NFTs.
The rollout of Instagram’s non-fungible token (NFT) feature has begun in 100 additional countries by Meta (formerly Facebook). Creators and companies can use the feature to introduce their digital collectibles on their Instagram profiles.
It would be accurate to say that Meta has completely dominated the digital media industry and gained greater control. Since the beginning, Meta has been extremely interested in Web3 technology, particularly in Metaverse and NFT.
As part of their efforts to expand the metaverse, collectors and creators can now showcase their non-fungible tokens (NFTs) on their Instagram profiles owing to the feature’s launch on Friday by the Meta-owned photo- and video-sharing app.
Instagram will open up access to more nations in Africa, Asia-Pacific, the Middle East, and the Americas after launching NFTs as a test in May and then extending their reach in June. With a small band of US producers and collectors, the company has been trialing digital collectibles on Instagram since May.
The company consistently grabs attention for its actions in the web3 community. It was recently confirmed that Meta planned to release its own metaverse for a fitness app, and it was also suggested that Meta would buy out its rival company in the process. Some contend that Meta’s vertically integrated and monopolistic strategy in the metaverse could be the downturn of the entire sector.
Mark Zuckerberg, the founder, and CEO of Meta announced the rollout in a Facebook post. A spokesperson for Meta said in a statement that “the metaverse will help us connect with each other in ways that improve our lives and open up new worlds of creativity and economic opportunity.” NFTs will be important in this situation because they are one of the technologies that can assist the metaverse to achieve its full socioeconomic potential.
Apple has been a fierce competitor for Meta in the metaverse, but Meta has managed to stay at the top for a very long time.
With this new update, Meta will also be able to post digital collectibles created on the Flow blockchain and support wallet connections with the Coinbase Wallet and Dapper. As of right now, it will support connections with various third-party wallets, such as Dapper Wallet, Trust Wallet, Rainbow Wallet, MetaMask Wallet, and Coinbase Wallet.
Currently supported blockchains include Flow, Polygon, and Ethereum. Posting or sharing a digital collectible on Instagram is free of charge.
Making consumers use Instagram as a platform is Meta’s strategy, and it undoubtedly appears to be a good one. Web3 technology is currently one of Meta’s main growth drivers, and Meta has placed its sights on winning the market.
