Meta - NFTs Across Facebook and Instagram & How the Market React?
In the updated post of Meta’s Blog on Introducing Digital Collectibles to Showcase NFTs on Instagram on August 29, 2022- Meta (META:US) revealed that users can link their digital wallets to either Facebook or Instagram, thereby making it possible to post NFTs across both platforms. Meta also clarifies that NFT creators and businesses in 100 countries in Africa, the Middle East, the Asia Pacific, and the Americas will be able to display their digital collectibles on Instagram.
Along with Meta’s previous update on the first week of August 2022, by connecting the digital wallet to Instagram, users are able to post their digital collections. There are no fees associated with posting or sharing a digital collectible on Instagram. This might lead to the company’s approach of making the crypto ecosystem more accessible coming to the surface even sooner. As of August 4, 2022, Meta supported several third-party wallets, including Rainbow, MetaMask, Trust Wallet, Coinbase Wallet, and Dapper Wallet coming soon. Supported blockchains at this time include Ethereum, Polygon, and Flow.
.. starting in early September.
Following the announcement, Meta shares were trading down 0.6% last Monday. Meta first revealed its plans to expand into the NFT space in May 2022 and reported losing $5.7 billion on its metaverse plans so far this year. In addition, Meta stock is trading 53% lower, year to date. However, the losses didn’t dim out their mission of expanding NFT features. Along with the updated post, Meta also announced that selected US-based users will be able to connect their digital wallets and share NFTs on the company’s two main social media platforms starting this week.
In support of Meta’s progress towards NFT and Metaverse layover. Meta CEO Mark Zuckerberg said in June during the company’s earnings call. “This is obviously a very expensive undertaking over the next several years,”
Furthermore, the company highlighted: “By building support for NFTs, we aim to improve accessibility, lower barriers to entry, and help make the NFT space more inclusive to all communities.”
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