Meta is doubling down on NFTs despite substantial scepticism from the general public over the technology.
The most prominent social media firm in the world stated on Thursday that it would extend the recently launched digital collectables feature on Instagram to 100 countries throughout Africa, Asia-Pacific, the Middle East, and the Americas.
According to the statement, the new functionality will enable Instagram users to share any non-fungible tokens they hold by linking their digital wallets to the app. The extension initially supports Ethereum, Polygon, and Flow NFTs, and Instagram intends to let users connect to Rainbow, MetaMask, Trust Wallet, and Coinbase Wallet. There will be no costs associated with the functionality.
Meta, the social media behemoth previously known as Facebook, signalled its readiness to adopt Web3 last October when it relaunched to promote the expansion of the Metaverse. The corporation has invested $10 billion into its Metaverse division, Reality Labs, and employed 1,000 employees since then, but its Web3 intentions remain mostly secret. Mark Zuckerberg, the company’s chief executive officer, had previously said that the company intended to embrace NFTs. In May, the company began a rollout for chosen producers in the United States. Mark Zuckerberg said at the time about the update:
“We don’t only develop technologies. We’re also attempting to encourage this ecosystem, since we won’t be creating the majority of the material — not by a long way. The great bulk of it will be produced by ecosystem-based producers. Consequently, I believe that a significant portion of what we need to do is to focus on the many ways that artists might generate money.”
The blog article does not indicate whether Meta intends to implement the functionality in Europe or whether it intends to enable NFTs on other blockchains such as Solana.