Instagram has enabled non-fungible tokens (NFT) on its platform in over 100 countries.
Meta Newsroom confirmed its continued expansion into the realm of Web3, further welcoming NFTs within the ecosystem.
Instagram users in Asia, Asia-Pacific, the Middle East and the Americas will be able to link their digital wallet to Instagram and display their favorite NFTs.
In fact, the Meta news agency also confirmed integration with Coinbase Wallet and Dapper, with support for digital collectibles minted on the Flow blockchain.
As a direct result, FLOW tokens – the native currency of the Flow blockchain ecosystem – exploded to life, with a huge jump from $1.89 to $2.75 according to coinmarketcap.com.
This news shows Meta’s increased interest in NFTs, having already integrated the Ethereum and Polygon blockchains.
Back in May, Meta expressed his admiration for the power provided by blockchain and NFTs, which have fueled the creator economy.
Meta replied: “Every day, creators inspire people and push culture forward around the world.” With the incredible opportunities of blockchain technology, they can now take advantage of new tools to generate income, and fans can support their favorite creators by purchasing digital collectibles – art, photos and videos, music or trading cards – as non-fungible tokens (NFT). “
“Creators are using new technologies like NFT to gain more control over their work, their relationship with their fans and how they can monetize. At Meta, we’re looking at what creators are already doing in our technology to improve the experience, help them create more monetization opportunities, and bring NFT to a wider audience.”
As of August 4, Instagram supports third-party wallets, including Rainbow, MetaMask, Trust Wallet, Coinbase Wallet, and Dapper Wallet to follow soon.
Once connected, creators and collectors will be able to choose which NFTs from their wallets they want to share on Instagram.
They will then have the option to publish public information about the collectible and credit the creator of the collectible.
For this new service, there will be no additional charges for Instagram users.
Furthermore, Meta doubled down on its commitment to sustainability, pledging to purchase renewable energy and reduce the emissions impact of displaying NFTs.
As for the Flow blockchain, Meta joins a long and illustrious list of partners, including notable names such as Warner Music, Ubisoft, NBA, UFC, Animoca Brands and Opensea.
It’s no secret that Mark Zuckerberg, the CEO of Meta, is a big fan of the metaverse and by accepting NFTs into his ecosystem, he has recognized the importance of NFTs in achieving his vision.
Plus, Zuckerberg knows that NFTs give creators new ways to express themselves and also monetize their creations — which will be fundamental to a vibrant metaverse community.
However, Zuckerberg’s metaverse ambitions have been flagged by the Federal Trade Commission (FTC), which recently moved to sue Meta in an attempt to prevent them from acquiring Within Unlimited – a virtual reality maker of fitness apps.
The FTC took issue with Meta’s approach, which they saw as “trying to buy their way to the top” and warned of its anti-competitive implications.
In its press release, the FTC said that Meta buying an existing app, instead of creating its own, reduces consumer choice and innovation in the market.
Meta responded to the allegations in a statement, saying the case against them “is based on ideology and speculation, not evidence.”
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