New update means Facebook and Instagram users can post NFTs through linking their digital wallets
Meta unveils its plans to conquer the digital assets sphere with NFT integration in its social media apps
By Shashank Bhardwaj
Meta has announced that Facebook and Instagram users can now post NFTs and digital collectibles on their accounts through linking their digital wallets. This news initially came through a blog post on 10 May by the parent company Meta, which was followed by an update on 4 August that stated that Instagram users from 100 countries could post their digital collectibles minted on the Flow blockchain or from wallets supporting Ethereum or Polygon blockchains.
The company commented on the new update, “As we continue rolling out digital collectibles on Facebook and Instagram, we’ve started giving people the ability to post digital collectibles that they own across both Facebook and Instagram. This will enable people to connect their digital wallets once to either app in order to share their digital collectibles across both.”
However, the limitation stands that connecting digital wallets to either Facebook or Instagram can only be through the apps and not the third-party browsers. The expansion of NFTs in every smartphone that has one of Meta’s social media apps installed has the potential to increase earnings as well as adoption. The technology and social media giant also seems to be making moves into the crypto payments sector, since they filed applications with the United States Patent and Trademark Office for a platform called ‘Meta Pay’.
Meta has previously sustained failures in this industry when they launched its own stablecoin in February as it got widespread criticism from regulators worldwide. The company has also reported a 1 percent decrease in revenue year over year in 2022’s second quarter. Mark Zuckerberg, CEO of Meta, does not seem hazed by this, saying that there is “massive opportunity” to make money in the digital asset space.
Shashank is the founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash
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Argentinian town to invest in crypto mining to fight inflation, upgrade rail infraRead More..
Pantera Capital closing fundraise for its blockchain fund after raising $1.3 billionRead More..
Homegrown blockchain co Polygon commits to go carbon neutral this yearRead More..
NBA registers four NFT trademarksRead More..
US crypto expert jailed 63 months for helping North KoreaRead More..
Fortnite developer Epic Games raises $2 billion to build for the metaverseRead More..
Indian companies storm the metaverse and NFT spaceRead More..
Coinbase is producing a movie trilogy on Bored Ape NFTsRead More..
Multiple Indian Twitter accounts hacked, NFT content postedRead More..
German police shut down $1.3 billion illegal darknet firmRead More..
Meta tests sale of virtual goods in metaverseRead More..
Bitcoin 2022 Conference: Bitcoin Maximalists attack national currenciesRead More..
Binance Gets In-Principle Approval to Operate as Crypto Broker in Abu DhabiRead More..
EU limits Russians' crypto investments to 10k EurosRead More..
Coinbase suspends UPI payments in India three days after launchRead More..
From KFC to Tesla, Dell: Crypto-curious corporations struggle to find right recipeRead More..
In Texas, crypto miners turn to solar powerRead More..
South Africa concludes technical Proof-of-Concept for its CBDC settlement systemRead More..
Terra buys $200 million in AVAX for reservesRead More..
Bitcoin will remain as a standard: Chess world champion Garry KasparovRead More..
Coinbase launches in IndiaRead More..
Meta working on virtual money 'Zuck Bucks': reportRead More..
Germany closes Russian darknet marketplace HydraRead More..
Britain paves way to accept stablecoinRead More..
Crypto industry reels from $600 million hackRead More..
NFT of Nelson Mandela's arrest warrant auctioned for $130,000Read More..
Bank of England calls for tighter regulation of cryptocurrenciesRead More..
ECB's Lagarde 'concerned' about crypto use to dodge Russia sanctionsRead More..
Crypto provides fix for some in crisis-hit AfghanistanRead More..
Bitcoin to the rescue: Cryptocurrencies' role in UkraineRead More..
Digital art in spotlight as Dubai makes crypto hub bidRead More..
G7 looks to thwart cryptoassets use as Russian sanctions dodgeRead More..
Can cryptocurrencies give Russia, others breather from economic sanctions?Read More..
Cryptocurrencies enter Russia-Ukraine conflictRead More..
Russia seeks to regulate cryptocurrenciesRead More..
Donald Trump's NFT collection to laud his own presidencyRead More..