- Meta has been testing digital collectibles on Instagram since May 2022.
- Meta declared recently that 100 nations in Africa, Asia-Pacific, the Middle East, and the Americas will now have access to the NFTs tested on Instagram.
NFT Technologies Inc., a pioneer in mainstreaming decentralized ownership, NFTs, and the metaverse for public markets, recently announced that its projects would be compatible with Meta’s NFT functionality that was introduced recently.
When it comes to gaining new users, Meta Inc. is an industry leader. Meta stated that 3.65 billion people were using at least one of the company’s key products, like Facebook, WhatsApp, Instagram, or Messenger, each month in the second quarter of 2022. The company has been testing digital collectibles on Instagram since May 2022, and as of August 4, it broadened the ability for users to share digital collectibles they have made or acquired.
“Although in its infancy, Meta’s position is a true indicator that we are transitioning into web3,” said Adam De Cata, CEO of NFT Tech. “As we launch some of the world’s most prestigious brands and creators in web3, it’s crucial that we extend access to the digital IP and its utility to the widest possible audience.”
“Meta’s willingness to bet their multi-billion-dollar business on the future of web3 and the metaverse is a strong signal to the rest of the world,” continued Adam. “This rollout is giving me the same flashbacks to the early days of the internet and social media when it took major global brands years to set up a simple Facebook page. We will see a similar trajectory with web3 and how it takes over the digital economy.”
Meta for NFT Support
Notwithstanding the widespread skepticism toward NFTs, Meta is doubling its investment in the technology.
The largest social media business in the world declared that it would broaden the digital collectibles feature it piloted on Instagram to 100 nations in Africa, Asia-Pacific, the Middle East, and the Americas.
According to the announcement, with the new feature, Instagram users can share any NFTs they may own by connecting their digital wallets to the app. The expansion initially supports Polygon, Ethereum, Flow NFTs, and Instagram plan to enable users to connect to MetaMask, Rainbow, Coinbase Wallet, Trust Wallet, and Dapper Wallet. There will be no additional costs for the feature.
When Meta rebranded itself last October to support the expansion of the metaverse, the social media behemoth had given the first indications that it was prepared to embrace Web3. The corporation invested USD 10 billion in Reality Labs, its Metaverse division, and hired 1,000 people, but its Web3 plans have mostly remained a secret. Mark Zuckerberg, the company’s CEO, had previously stated that it planned to support NFTs, and in May, the company started a rollout for a select group of creators in the United States.