Despite widespread mainstream skepticism toward NFTs and crypto space, the world’s largest social media company intends doubling down on the technology.
Meta would expand the digital collectible feature, piloted on Instagram to more than 100 countries from Africa, Asia-Pacific, the Middle East and American nations.
The inventives will provide creators with more recognition on Instagram as they will be able to share their digital collectibles across social media and connect their digital wallets, said Taaran Chanana, MD and Co-Founder, MemeChat.
“We are also driven to build an ecosystem that is both economically sustainable and progressive for content creators. To recognize the true power of meme trends and give these creators a platform to make it happen,” he added.
The new feature will let Instagram users share any NFTs they own by connecting their digital wallets to the app. The feature will have no associated fees.
The expansion initially supports Ethereum, Polygon, and Flow NFTs, and Instagram plans to let users connect to Rainbow, MetaMask, Trust Wallet, Coinbase Wallet, and Dapper Wallet.
Vijay Pravin Maharajan, Founder & CEO, bitsCrunch said that the NFTs are in the news boom. “NFTs and Metaverse have led tech giants to raise millions of dollars to support it.”
Users must link their digital wallets with Instagram to post their NFT collection and digital art. Meta has made its plans clear about expanding the blockchain support.
Instagram users can post their NFTs on their Instagram feed and share them with others. Users can automatically tag the creator and collector of the NFT for proper attribution.
Posting the NFT collection on Instagram will make the digital art shimmer and display information regarding the NFT, such as the creator, owner, value and more.
Ashwani Kumar, Founder, HelperWorld said that the possibilities and applications of NFTs and blockchain technology are far-reaching in terms of who can create and sell one and what NFT business use cases and applications will be created.
“The potential opportunities are endless for anyone to monetize their digital or virtual content via an NFT, whether it’s a photo of their puppy, a video of cooking lessons, or a photo with celebrities,” he added.
Meta showed first hints that it was ready to embrace Web3 last October when it rebranded in a push to help the Metaverse grow. The firm’s CEO Mark Zuckerberg had previously discussed that it was planning to support NFTs.
Unique to its functionality, the cryptographic token exists on a blockchain representing real-time aspects from artworks to real estate, said Abhijit Shukla, CEO and Director, Tarality.
‘Tokenizing’ the real-world tangible assets makes buying, selling, and trading them more efficient while reducing the probability of data breaches and fraudulent payment processes, he adds.
The company has sunk $10 billion into its Metaverse arm, Reality Labs, and hired 1,000 staff since, but its Web3 plans have mostly been kept under wraps.