Meta pushes further into NFTs with global rollout on Instagram

Following the initial test launch of NFTs in May 2022 and subsequent expansion in June, starting in August, Instagram is expanding access by rolling out digital collectibles to more people in 100+ countries across Africa, Asia-Pacific, the Middle East, and the Americas.

 



The latest update will allow people to:


Connect a digital wallet. Once connected, people will have the ability to choose which NFTs from their wallet they would like to share on Instagram.
Share digital collectibles. Once you post a digital collectible, it will receive special visual treatment and can display public information, such as a description of the NFT. Posts will also be visible on their profile.
Automatically tag both the creator and collector. The creator and collector can be automatically attributed in the digital collectible post (subject to their privacy settings).

As per the blog post on the official Meta website:

In order to post a digital collectible, all you need to do is connect your digital wallet to Instagram. Supported blockchains at this time include Ethereum, Polygon and Flow. No fees are associated with posting or sharing a digital collectible on Instagram.




WHAT IS NFT?
NFT stands for non-fungible token. “Non-fungible” means something is one-of-a-kind and can’t be replaced. Think of the Mona Lisa painting — there’s only one in the world. NFTs are digital assets that represent things like art, virtual avatars, GIFs, videos, trading cards and even memes.

In May 2022, the Meta post announced: 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. Fans can support their favorite creators by purchasing digital collectibles – art, images and videos, music or trading cards – as non-fungible tokens (NFTs).
Now, select creators and collectors can share their digital collectibles on Instagram.




TAKE MORE CONTROL:

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, the team is 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.


Location: India

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