Meta has expanded its Instagram NFT integration across 100 countries. In addition to the Americas, users in Asia-Pacific, Africa, and the Middle East can now post their digital collectibles on the platform.
The new feature also makes it possible to post digital collectibles created on the Flow blockchain and supports wallet connections with Coinbase Wallet and Dapper.
Instagram NFT integration expands Meta’s Web3 initiatives
According to Meta, the company’s expansion reflects its efforts to increase access to Web3 technology through NFTs and to enable creators who wish to make money from their work and develop relationships with their followers and collectors.
To publish an NFT on Instagram, one merely needs to link their digital wallet, according to the company’s updated post. As of Thursday, integrations with the third-party wallets Coinbase Wallet, Rainbow, Dapper Wallet, MetaMask, and Trust Wallet were either finished or would be soon.
Polygon, Ethereum, and Flow are the currently supported blockchains. Posting or sharing an NFT on the Meta platform is free of charge.
Meta goes all in despite revenue loss
Along with the metaverse, digital assets appear to be one of Meta’s primary expansion components. The company’s revenue dipped 1% year on year to $28.8 billion in the second quarter of 2022, while operating income fell 32% to $8.36 billion in the same time.
CEO Mark Zuckerberg stated that he was unconcerned with the company’s $2.8 billion loss in its Metaverse subsidiary and that it was possible to make “hundreds of billions,” if not “trillions,” of dollars as the industry matured.
“We understand that blockchain technology and NFTs raise important questions on sustainability,” the company said during its initial NFT test launch in May. “Meta will help reduce the emissions impact that might be associated with the display of digital collectibles on Instagram by purchasing renewable energy.”