Instagram has enabled non-fungible tokens (NFTs) on its platform in over 100 countries.
Meta Newsroom confirmed its continued expansion into the realms of Web3, as it further embraced NFTs within its ecosystem.
Instagram users in Asia, Asia-Pacific, Middle East and the Americas will be able to connect their digital wallet to Instagram and showcase their favourite NFTs.
Indeed, the Meta newsroom also confirmed integrations with Coinbase Wallet and Dapper, with support for digital collectibles minted on the Flow blockchain.
As a direct consequence, FLOW tokens – the native currency in the Flow blockchain ecosystem – exploded to life, with a sharp jump from $1.89 to $2.75 according to coinmarketcap.com.
This news illustrates Meta’s rising interest in NFTs, having already integrated the Ethereum and Polygon blockchains.
Back in May, Meta expressed its admiration for the empowerment afforded by the blockchain and NFTs, which have fueled the creator economy.
Meta said: “Every day, creators inspire people and push culture forward around the world. With the incredible opportunity of blockchain technology, they can now leverage new tools to earn income, and fans can support their favourite creators by purchasing digital collectibles – art, images and videos, music or trading cards – as non-fungible tokens (NFTs).”
“Creators are using new technologies like NFTs to take more control over their work, their relationship with their fans, and how they can monetize. At Meta, we’re looking at what creators are already doing across our technologies in order to improve the experience, help them create more monetization opportunities, and bring NFTs to a broader audience.”
As of August 4th, Instagram supports third-party wallets including Rainbow, MetaMask, Trust Wallet, Coinbase Wallet and Dapper Wallet is soon to follow.
Once connected, creators and collectors will be able to choose which NFTs from their wallet they would like to share on Instagram.
Then, they will have the option of displaying public information about the collectible, and attributing the creator of the collectible.
For this new service, there will be no additional fees for Instagram users.
Furthermore, Meta doubled down on its commitment to sustainability, by promising to purchase renewable energy and reduce the emissions impact associated with displaying NFTs.
As for Flow blockchain, Meta is added to its long and illustrious list of partners, including notable names like Warner Music, Ubisoft, NBA, UFC, Animoca Brands, and Opensea.
It’s no secret that Meta CEO Mark Zuckerberg is gung-ho on the metaverse and in adopting NFTs into his ecosystem, he’s acknowledged the significance of NFTs in achieving his vision.
Additionally, Zuckerberg knows that NFTs give creators new ways to express themselves and also monetise their creations – which will be fundamental to an empowered metaverse community.
However, Zuckerberg’s metaverse ambitions have been noted by the Federal Trade Commission (FTC), who recently moved to sue Meta in an attempt to block them from buying Within Unlimited – a virtual reality fitness app maker.
The FTC took issue with Meta’s approach, which they deemed as “trying to buy its way to the top” and warned of its anti-competitive consequences.
In its press release, the FTC said that Meta buying an existing app, instead of creating its own, dampens consumer choice and innovation in the market.
Meta responded to the accusations in a statement, saying that the case against them “is based on ideology and speculation, not evidence.”