Instagram Introduces NFT Feature to 100 More Countries, Adds Coinbase Wallet, Flow Blockchain
Meta-owned Instagram has announced that the NFT feature will now be available “in 100 more countries,” along with the integration of Coinbase Wallet, Dapper Wallet and Flow blockchain.
The regions now include the Americas, Asia Pacific, the Middle East and Africa.
Meta (formerly known as Facebook) first began testing the feature in July. The feature that allows Instagram users to showcase NFT collections they own was previously only available in the US to a limited number of creators.
To post an NFT, users must link their account to a digital wallet. The social media platform currently supports Ethereum, Polygon and Flow blockchains and third-party wallets such as MetaMask, Trust Wallet, Coinbase Wallet, Rainbow and Dapper Wallet.
“Every day, creators inspire people and push culture forward around the world. With the incredible opportunity of blockchain technology, they can now leverage new monetization tools and fans can support their favorite creators by purchasing digital collectibles – art, photos and videos, music or trading cards – as non-fungible tokens (NFTs)” , says the announcement.
Faced with a fallout in public opinion following a series of scandals surrounding data ownership and use, Facebook underwent a rebranding in October 2021, changing the company’s name to Meta and announcing plans to focus on online interactions and build a metaverse and introduce Reality Labs, a department responsible for building apps and hardware for the digital space.
Despite the lofty intentions surrounding a digital reality, public opinion remained skeptical, with 77% of people not wanting Meta to be the one to build a metaverse, choosing a decentralized platform to do so.
The company further demonstrated its willingness to grow with a recent trademark filing. Meta filed five new trademark applications with the US Patent and Trademark Office on May 13, including an application for a crypto payment platform.
“To provide a financial exchange for the trading of digital currency, virtual currency, cryptocurrency, digital and blockchain assets, digitized assets, digital tokens, crypto tokens and utility tokens,” the application states.
The company’s latest earnings report shows that it lost $2.8 billion at its Reality Labs division during Q2, missing the general analysts’ expectations.
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