The ability to support NFT on Instagram was made available to users in 100 countries
August 14, 1401 at 16:21
Meta announced the addition of NFT support on Instagram for 100 countries. This move could be in the direction of the growth of popular NFT tokens.
Despite endless doubts about the future of non-fungible tokens (NFTs), Meta is investing in the technology. The world’s largest social media company announced today that it is rolling out digital collection-based features recently piloted on Instagram to 100 countries in Africa, Asia-Pacific, the Middle East and the Americas.
According to the statement, the new feature will allow Instagram users to share any type of NFT they own by connecting a digital wallet to their app. This feature first supports Ethereum, Polygon and Flow, and then allows users to connect to cryptocurrency virtual wallets such as Trust, Metamask, Coinbase, etc. The use of this feature will be completely free.
Meta, the social media giant formerly known as Facebook, signaled its readiness to embrace Web3 last October when it rebranded to help grow Metaverse. The company has spent $10 million on its platform called “Reality Labs,” which is the main arm of the Metaverse project, and has hired 1,000 employees. Meta CEO Mark Zuckerberg has previously talked about plans to support NFTs and rolled out the feature to select developers in May.
Mark Zuckerberg told Instagram about this update and the addition of NFT support:
Apart from building technology, we are also trying to help strengthen our ecosystem. Because in the end, it is the users who put and shape the majority of the content on our platform. So I think a big part of our job is to walk the path of monetizing creators in different ways.
It is not yet clear whether Instagram’s NFT support will be rolled out to Europe, and whether Meta plans to support the non-fungible token on other blockchains such as Solana.
Meta is one of the key players in the tech scene that has embraced NFT as a growing technology, following Twitter and Reddit. However, even as many companies seek to support the technology, non-fungible tokens also have detractors who have criticized the speculative nature of the market and the damaging environmental impacts of proof-of-work blockchains like Ethereum. Vitalik Buterin, co-founder of Ethereum, is also among the critics of Meta’s attempt to build a metaverse, although his criticism is defined only around the concept of the technology.
He said last week that he knows Metaverse will grow, but companies like Meta are trying to build something that people still don’t have a clear understanding of its use and functionality.