In a blog post called “Introducing Digital Collectibles to Showcase NFTs on Instagram,” the parent company of Facebook, Meta, announced the company has started an “international expansion to 100 countries.” The company also revealed integrations with specific Web3 wallets that support the Ethereum, Polygon, and Flow blockchains.
Instagram’s NFT Support Will Connect With Third Party Web3 Wallets and Support 3 Blockchains
- Meta has announced that the digital collectibles feature hosted on Instagram will see a rollout in 100 countries, according to a blog post that was updated on August 4. Meta detailed that the rollout begins in countries like “Africa, Asia-Pacific, the Middle East, and the Americas.”
- “Additionally, we now support wallet connections with the Coinbase Wallet and Dapper, as well as the ability to post digital collectibles minted on the Flow blockchain,” Meta’s blog post adds.
- The news follows Meta delivering subpar quarterly earnings for Q2 2022 and the company’s metaverse unit losing money. Furthermore, on July 30, Ethereum’s co-founder criticized corporate metaverse attempts and added “anything Facebook creates now will misfire.”
- Meta said on Thursday, that as far as Instagram’s non-fungible token (NFT) rollout, “no fees associated with posting or sharing a digital collectible on Instagram.” The company also detailed that it supports third-party wallet connections with wallets such as Metamask, Rainbow, Coinbase Wallet, Dapper Wallet, and Trust Wallet.
- “The feature includes connecting a digital wallet, sharing digital collectibles, and automatically tagging the creator and collector,” Meta’s blog post summarizes.
- Meta introducing NFTs to Instagram follows the CEO of Instagram, Adam Mosseri, mentioning that the social media application would implement the technology last year. Then in mid-March 2022, Meta CEO Mark Zuckerberg said Instagram was bringing NFTs to the platform in the “near term.”
- Instagram was founded in 2010 by Mike Krieger and Kevin Systrom and it was acquired by Meta Platforms formally known as Facebook Inc. in 2012 in a $1 billion cash and stock deal.
Tags in this story
Adam Mosseri, Coinbase Wallet, Dapper Wallet, Ethereum, Flow, Instagram, Instagram NFT, Instagram NFTs, Mark Zuckerberg, Meta, metamask, Metaverse, nft, NFT technology, NFTs, Non-fungible Token, Polygon, Rainbow, SXSW, trust wallet, Zuckerberg Instagram
What do you think about Meta expanding Instagram’s NFT rollout to 100 countries? Let us know your thoughts about this subject in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,700 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Instagram Is Working On Bringing NFTs To The Platform In The ‘Near Term,’ Says Meta CEO Mark Zuckerberg
In December 2021, the CEO of Instagram, Adam Mosseri, discussed how the firm was looking into non-fungible token (NFT) technology during an ask-me-anything (AMA) session. Three months later, at the South by Southwest (SXSW) event in Texas, Meta’s CEO Mark Zuckerberg explained Instagram plans to introduce NFTs in the “near term.”
Meta CEO Hints NFT Features Are Coming to Instagram
It seems NFTs are coming to Instagram soon, according to statements from Meta’s CEO Mark Zuckerberg at SXSW this week. Zuckerberg spoke with Shark Tank’s Daymond John at the event, and he explained that Instagram users will be able to mint NFTs as well.
News concerning Instagram’s venture into the NFT world originally stemmed from the company’s CEO ,Adam Mosseri, during an AMA. Furthermore, the news publication the Financial Times (FT) spoke with unnamed sources familiar with the matter at the end of January 2022.
FT’s report quotes the unnamed sources who said both Meta and Instagram are conversing about “launching a marketplace for users to buy and sell NFTs.” Zuckerberg’s details to the Shark Tank co-star indicate the launch might be sooner than most think. While the Meta CEO did not share many details, he said: “We are working on bringing NFTs to Instagram in the near term.” Zuckerberg added:
I’m not ready to announce exactly what that’s going to be today, but, over the next several months, the ability to bring some of your NFTs in, and hopefully over time be able to mint things within that environment.
Meta Sells Diem IP, Firm Intends to Grow With the Metaverse
Zuckerberg has shown interest in blockchain technology and cryptocurrencies in the past and allegedly his pet goat is named “Bitcoin.” Just recently, Meta’s cryptocurrency project Diem was discarded by the firm in order to be sold, and then the Diem intellectual property (IP) was eventually purchased by Silvergate this year.
Facebook also rebranded the social media application’s parent company name to Meta. With help from its subsidiary Oculus and other means, the company intends to bolster the network of 3D virtual worlds called the metaverse.
Tags in this story
Adam Mosseri, Daymond John, Instagram, Instagram NFTs, Mark Zuckerberg, Mark Zuckerberg SXSW, Meta, Metaverse, nft, NFT technology, NFTs, Non-fungible Token, Oculus, Shark Tank co-star, South by Southwest, SXSW, SXSW Texas, Zuckerberg Instagram
What do you think about Instagram adding NFT technology in the near term? Let us know what you think about this subject in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
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