NFTs are coming to Instagram, this applies to hundreds of countries (but not Europe). Web3, which continues to be of interest to tech giants.
It has been a little over a month since Meta announced its intention to implement non-fungible tokens (NFTs) on Facebook. Mark Zuckerberg announced today that users from over a hundred countries can show their NFTs to the world on Instagram.
NFTs are coming to Instagram
Since last May, only some US users have been able to take advantage of this option, a very limited test conducted by the platform. Now, companies and users in Asia Pacific, the Middle East, Africa and the Americas can also benefit from this. Therefore, Europe will have to wait a bit.
According to the Meta post announcing the news, the Coinbase and Dapper wallets, as well as the NFTs of the Flow blockchain, should be supported. In other words, at the moment we are talking, in addition to the first two wallets, about the Rainbow, MetaMask and Trust Wallet wallets.
One hundred countries are interested (but not in Europe)
To take advantage of this feature, nothing more. Users wishing to display an NFT on the network must connect their wallet to prove they are the owner of said NFT. It will contain several authentication details, including the name of its creator. Of note, Meta has clarified that it will be investing even more in renewable energy to offset the emissions associated with NFTs and blockchain technology.
Web3, which continues to interest tech giants
Meta is not the only company launching web3 for itself and its users. Twitter has for some time allowed NFTs to be displayed as a profile picture with a visible hexagon certification that gives access to NFT metadata. YouTube, on the other hand, is more careful not to alienate its community. It was recently announced that content creators will soon be able to sell their videos as NFTs. Reddit finally announced the launch of an NFT-dedicated marketplace via the Polygon (MATIC) sidechain.
While web3 is certainly very promising, current initiatives across platforms are not always obvious successes. For example, Meta Reality Labs posted a loss of nearly $3 billion last quarter. And for Vitalik Buterin, creator of Ethereum (ETH), “everything Facebook creates at this stage will be doomed”…
Mark Zuckerberg announced that we are launching digital collectibles in 100 more countries. Now more people, creators and companies can showcase their #NFTs on @instagram.
We are also launching @CoinbaseWallet @hellodapper integration and @flow_blockchain support.
— Meta Newsroom (@MetaNewsroom) August 4, 2022