Meta has announced that in over 100 countries, users will be able to link non-fungible tokens (NFTs) posts on Instagram to Facebook.
Meta, Facebook’s parent company, said that the social media platform’s 2.9 billion members will be able to share digital collectibles and NFTs. Let’s discover how Meta is developing NFTs.
Meta Converts Facebook and Instagram Posts on NFTs
The announcement follows an update on August 4th in which Meta stated that Instagram users in 100 countries, can now post as digital collectibles minted on the Flow blockchain or from wallets supporting the Ethereum or Polygon blockchains. It is estimated to have between 1 billion and 2 billion users as of the second quarter of 2022.
— Meta (@Meta) August 29, 2022
Connecting digital wallets to Facebook and Instagram is limited to applications rather than third-party browsers. Also, expanding the reach of NFTs into every smartphone with one of Meta’s applications installed might result in increased profits or adoption. Moreover, Meta filed applications with the US Patent and Trademark Office in May for this milestone. Its name will be used in a cryptocurrency payments platform named Meta Pay.
Meta Platforms’ pursuit of NFT or digital collectibles is simply one of the company’s initial steps toward a metaverse-driven world. It expects that in a few years, the metaverse will be the next frontier of social interactions. Meta is positioning itself to be a significant participant in the next Wbe3.0 ecosystem.
Three Features of Meta-Digital Collectibles
- Connecting a digital wallet: Once connected, producers and collectors will be able to select which NFTs from their wallet to share on Instagram.
- Sharing digital collectibles: When a creator or collector uploads a digital collectible, it will have a shimmer effect and can show public information, such as a description of the NFT. Posts will also be on their profile.
- Automatic attribution of the creator and the collector: Both can be automatically attributed in the digital collectable post (subject to their privacy settings).
More Improvements of Meta in the Digital Collectible Area
Long before Instagram began to enable them, artists were uploading their NFT creations on the platform. As a result, the corporation has been trying to monetize by creating a long-term strategy for creator support.
When virtual and physical worlds collide, anything can happen. Digital creators unlock the possibilities of our tech and end up in all kinds of things virtual and augmented environments. Check it out: https://t.co/t0h9kYwHCt pic.twitter.com/7MKEEFDVwe
— Meta (@Meta) July 5, 2022
In addition, the Instagram CEO, Adam Mosseri, stated in May that Meta is looking at digital collectible sales to provide creators with another revenue stream. The corporation has also announced a goal to create a digital art marketplace where users can buy products in the metaverse.
So, here’s a short recap of what Meta has done in this field so far:
- Mark Zuckerberg said in March 2022 that NFTs will be available on Instagram shortly.
- In May 2022, Instagram began testing NFTs with select creators.
- In June 2022, Zuckerberg expanded the test and stated that NFTs will be available on Facebook soon.
- In June 2022, Facebook began showing digital collectibles created by a small number of US-based creators.
- Meta released NFT support on Instagram in 100 countries in July 2022.
Other Platforms Applying NFT Strategies
Other platforms, such as Twitter and Reddit, have focused on NFT-based avatars. Meta is attempting to attract a larger audience by providing tools that will allow users to share their digital collectibles through posts. The company intends to support all major blockchains and wallets. Therefore, more crypto-native users may showcase their digital art on a mainstream platform.
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