Meta’s (Facebook) Instagram offers an NFT feature in 100 countries in Africa, Asia-Pacific, the Middle East and the Americas. This feature will initially support Ethereum (ETH), Polygon (MATIC) and Flow (FLOW) NFTs. The social media giant will also add support for various Web3 wallets. Meanwhile, the value of altcoin FLOW increased with the effect of the announcements. Here are the details…
Altcoin FLOW jumps with Instagram’s NFT move
Despite widespread mainstream skepticism towards NFTs, Meta provides support for the technology. Meta, the world’s largest social media company, announced Thursday that it will expand its digital collection feature, which it recently experimented with on Instagram, to 100 countries in Africa, Asia-Pacific, the Middle East and the Americas. According to the announcement, the new feature will allow Instagram users to share their NFTs by linking their digital wallets to the app.
This case initially supports Ethereum, Polygon and Flow NFTs. Instagram plans to allow users to connect to Rainbow, MetaMask, Trust Wallet, Coinbase Wallet, and Dapper Wallet. The feature will have no associated fees. After the announcement, the rise of FLOW drew attention rather than MATIC and ETH. FLOW gained nearly 60 percent in value. The altcoin managed to rise from $1.85 to $2.96. You can also see the 24-hour chart of the cryptocurrency below:
Meta supports NFTs
As we reported on cryptokoin.com, social media giant Meta, formerly known as Facebook, showed the first hints of its readiness to embrace Web3 last October when it rebranded to help Metaverse grow. The company spent $10 billion on Reality Labs, its Metaverse arm. It has since hired 1,000 staff. But Web3 plans were mostly kept secret. The firm’s CEO, Mark Zuckerberg, has previously discussed its plans to support NFTs. In May, the firm launched a presentation for select artists in the US. Mark Zuckerberg had this to say about the update at the time:
We don’t just build technology. We’re also trying to help strengthen this ecosystem, because at the end of the day, we won’t be creating much of the content in the long run. The vast majority will be created by creators in the ecosystem. So I think a big part of what we need to do is to really lean into all the different ways creators can make money.
The blog post did not confirm whether Meta plans to launch the feature in Europe or whether it plans to support NFTs on other blockchains like Solana. Meta is one of the few big tech players to take an interest in NFTs as technology grows, following Twitter and Reddit. However, although many firms try to support the technology, there are many skeptics. For example, Vitalik Buterin, co-founder of Ethereum, also criticized Meta’s effort to build the Metaverse. His criticism, however, was around the loosely defined concept of the Metaverse itself.
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