Meta CEO Mark Zuckerberg announced that the company, which posted a sharp loss in its Metaverse division in Q2, is beginning the international expansion of non-fungible tokens (NFT) support. The initial rollout targets the popular social media app Instagram.
The expansion follows the social network’s initial NFT test launch in May. With this expansion, users and businesses in more than 100 countries in Africa, Asia-Pacific, the Middle East and the Americas will now be able to share their NFTs on Instagram.
Prior to the expansion, the support was only to select creators in the US, reports TechCrunch.
The company also announced that Coinbase Wallet and Dapper Wallet, Rainbow, MetaMask and Trust Wallet, are now accepted as third-party wallet compatible for use. In fact, the integrations will be complete as of Thursday or are coming soon. Supported blockchains at this time are Ethereum, Polygon and Flow, and there are no fees associated with posting or sharing a digital collectible on Instagram.
It is important to note that Flow is a layer-1 blockchain with its namesake FLOW token acting as tender for network participation, transactions and governance. Notable ecosystem partners include Warner Music, Ubisoft, National Basketball Association, Ultimate Fighting Championship, Animoca Brands, Circle, Binance, OpenSea and now Meta.
Instagram’s NFT functionality allows users to connect a digital wallet, share NFTs and automatically tag a creator and collector for attribution.
Users can share NFTs in their main Instagram Feed, Stories or messages. Once they post a digital collectible, it will have a shimmer effect and can display public information, such as a description of the NFT.
In order to post a digital collectible on Instagram, users need to connect their digital wallet to Instagram.