Instagram Unveils NFT Feature in 100 More Countries
Instagram, which is owned by Meta, has stated that its NFT functionality, together with the incorporation of Coinbase Wallet, Dapper Wallet, and the Flow blockchain, is now accessible “in 100 additional countries.” The regions have been expanded to encompass the Middle East, Africa, Asia Pacific, and the Americas. Facebook (previously known as Meta) began testing the functionality in July. Until recently, only a select group of artists in the United States had access to the Instagram feature that allows users to promote NFT collections they own.
It is necessary for users to link their accounts to a digital wallet in order to send an NFT. At the moment, the social networking site is compatible with the Ethereum, Polygon, and Flow blockchains in addition to third-party wallets like MetaMask, Trust Wallet, Coinbase Wallet, Rainbow Wallet, and Dapper Wallet.
“Every day, artists throughout the globe inspire others and advance culture.” The release adds, “With the tremendous promise of blockchain technology, they can now utilize new ways to generate money, and fans can back their favorite artists by buying digital artifacts like art, photos and movies, music, or trading cards as non-fungible tokens (NFTs).”
After suffering a public relations backlash due to a series of controversies involving the company’s handling of user data, Facebook changed its name to Meta in October 2021 and announced intentions to concentrate on virtual interactions and the creation of a metaverse via the creation of a new subsidiary called Reality Labs.
The public remained nonetheless suspicious about the digital reality concept, with 77% saying they would rather have a decentralized platform like Meta develop a metaverse instead of Meta itself. A recent trademark application was just one more indication of the firm’s resolve to expand. On May 13th, Meta submitted a total of five new trademark applications to the United States Patent and Trademark Office, one of which was for a cryptocurrency payment platform.
The application’s stated goal is to “provide a financial exchange for the trading of digital currency, virtual currency, cryptocurrencies, digital and blockchain assets, digitized assets, digital tokens, crypto tokens, and utility tokens.”
According to the most recent earnings report, the company’s Reality Labs segment lost $2.8 billion during the second quarter, falling short of analyst estimates.