Meta, Facebook’s parent company, recently announced that it has introduced non-fungible tokens (NFT) on Instagram. After initially offering this NFT facility to selected users for a few location, they decided to expand this facility to 100 more countries. Meta Expands Instagram’s NFT Feature in Africa and Other Countries.
On Thursday, August 4, Meta announced its plans to expand the NFT features to the Middle East, Africa, Asia-Pacific, and the Americas. However, it is not yet clear if the feature is available for a selected few within the regions. This comes after a successful test run of the features in May. Mark Zuckerberg, the CEO of meta officially announced the NFT expension,
Mark Zuckerberg announced we’re rolling out digital collectibles to 100 more countries. Now, more people, creators and businesses can showcase their #NFTs on @instagram.
We're also launching integrations with @CoinbaseWallet @hellodapper and support for @flow_blockchain.
— Meta Newsroom (@MetaNewsroom) August 4, 2022
Meanwhile, Meta launched the Instagram NFT integration following its partnership with Coinbase, MetaMask, Trust Wallet, and Rainbow. The social media giant also added Flow Blockchain to complement Ethereum and Polygon.
Looking to flaunt your NFT collection on @Instagram? @Meta launches digital collectibles #poweredbyPolygon!
Select creators and collectors can now showcase their NFTs to a wider audience.
Know more: https://t.co/Kzgm1EYoOd pic.twitter.com/EU9FjtoJgA
— Polygon – MATIC 💜 (@0xPolygon) May 9, 2022
According to Meta, Instagram is the most popular video streaming platform, and users could benefit from its artistic display. Content creators can also grow their earnings on the platform due to being exposed to a wide pool of audiences across the world.
With the new feature, Instagram users can also create and sell their NFTs on the platform as Meta seeks to profit from the expanding digital collection industry. The new feature will also connect their Instagram accounts to digital wallets, share collectibles, and link with creators. Another interesting thing is that users could be able to share their unique NFT on their feeds or stories and via direct message.
Also Read: Nomad Bridge Hacked, Nearly $190M Exploit
29th july,2022 meta announced the partnership with Oasis network a privacy based blockchain solution. In a official tweet Oasis network says ”Oasislabs Partners with Meta to Assess Fairness for its AI Models, while Protecting People’s Privacy. A first-of-its kind initiative enabling inclusiveness and fairness in AI Models”
We’re happy to work with @oasislabs on this important project announced today that will advance fairness measurement in AI models. https://t.co/lALro1Zorb
— Meta AI (@MetaAI) July 28, 2022
Meta revealed that the latest expansion reflects the company’s effort to widen users’ access to Web3 technology via NFT (non-fungible token). Creators are also not left out of the planned scaling as Meta wants them to gain more from their creativity through monetization.
Also Read: Solana-based crypto wallet hack ongoing Over $8M drained
Meta has also decided how they will walk in the future with digital collectable and NFT space and what is the next plan. In an official article Facebook parent meta describe the next plan of meta,
”Across Meta, we will continue listening to feedback as we embark on this new area of investment for the company. Soon, we’ll be rolling out digital collectibles on Facebook, and allow people to display and share their digital collectibles as AR stickers in Instagram Stories. You can read more about our AR efforts here. Over the coming months, we will explore additional features to provide further benefits of this technology to creators and collectors. ”
Also Read: Total Number Of Crypto Users Reach 1 Billion By 2030
From the above announcement, it is clear that Meta will continue to explore and expand NFT and digital collectable options on its other platforms as well.
The explosion in the use of blockchain technology and NFT is raising curiosity from people, especially the younger generation. Through its platforms, Meta will help broaden the use case of digital technologies, which it will achieve through integrating them.
Twitter and Reddit have already launched their NFT features, as has YouTube, which is looking to embrace Web3 technology to enable YouTube creators to monetize their channels. The NFT frenzy is gathering steam among social media platforms that look to leverage it for further market dominance.