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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