Instagram to expand NFT feature worldwide
Mark Zuckerberg’s Meta (META) introduces a new NFT feature to Instagram users worldwide.
Instagram creators and businesses in over 100 countries will have a new feature on the social media site that will allow them to display NFTs, or non-fungible tokens.
To store and trade these NFTs, Meta will integrate Instagram with digital wallets such as Coinbase (COIN) Wallet and Dapper Wallet.
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Instagram users will also be able to connect to Rainbow, MetaMask and Trust Wallets, allowing for the posting of NFTs minted on the Flow blockchain, as well as Ethereum (USD-ETH) and Polygon (MATIC-USD).
According to Meta, the company wants to facilitate branded content partnerships between NFT creators and brands.
Meta also plans to test in-app payments, allowing brands to pay creators for branded NFT content via the social media platform.
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This move by Mark Zuckerberg’s tech giant has the potential to bring mainstream adoption of web3, digital wallets, cryptocurrencies and NFTs.
The new Instagram feature will allow users to connect a digital wallet to the social media platform to post an NFT.
Meta (META) announced that there will be no fees associated with posting or sharing a digital collectible on Instagram.
On Thursday, Instagram said its NFT digital collectibles, which began in the US in May, are now expanding worldwide.
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Instagram creators and businesses in around 100 countries across Africa, Asia-Pacific, the Middle East and the Americas will now be able to share their NFTs on Instagram.
However, an Instagram spokesperson declined to comment on whether Europe is included in the new rollout.
Meta said in a statement: “This milestone reflects Meta’s continued work to expand access to web3 technology through NFTs, supporting creators who want to monetize their work and build community with fans and collectors.”
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The move comes after Meta CEO Mark Zuckerberg wrote in a Facebook post in June that the company is focusing on “rolling out more ways for creators to monetize Facebook and Instagram.”
A non-fungible token is a digital asset that cannot be exchanged equally for another digital asset.
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While each bitcoin (USD-BTC) is fungible and worth the same as another bitcoin, and therefore equally fungible, each NFT has a unique value and when traded can be auctioned off in the form of digital art.
Other examples of assets that NFTs can represent include in-game items such as avatars, digital and non-digital collectibles, domain names, and event tickets.
NFTs are stored on the blockchain with unique identification codes and metadata that distinguish them from each other.
They can be bought and sold on major NFT marketplaces such as OpenSea.
