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Tech giant Meta has announced its Instagram NFT initiative on supported blockchains such as Flow, Ethereum, and Polygon.
Meta Platforms (NASDAQ: META) has begun providing NFT (Non-Fungible Token) support on Instagram in over 100 countries.
The tech conglomerate initially revealed its digital asset expansion strategy back in May, eventually confirming the official rollout yesterday. Furthermore, a Meta newsroom post updated on Thursday revealed that the company’s Instagram-NFT initiative spans four regions. They are Africa, the Asia-Pacific, the Middle East, and the Americas.
The new initiative will allow users to post digital collectibles minted on the Flow blockchain. It will also include support for wallet connections such as Coinbase Wallet and Dapper.
Further Look into Meta Instagram NFT Initiative
In its updated post, Meta explains that posting or sharing a digital collectible on Instagram will not attract a fee. Instead, users only need to connect their digital wallets to Instagram to begin posting NFTs. Furthermore, in addition to Flow, other supported blockchains currently include Ethereum and Polygon.
Meta highlights the emerging popularity of NFTs across a broad spectrum as inspiration for its latest initiative. The multinational tech company also states that these digital assets present money-making opportunities. As Meta put it:
“Creators are using new technologies like NFTs to take more control over their work, their relationship with their fans, and how they can monetize.”
In addition, the Facebook parent also stated:
“At Meta, we’re looking at what creators are already doing across our technologies in order to improve the experience, help them create more monetization opportunities, and bring NFTs to a broader audience”.
As the rollout continues, Meta stated that it will continue to take cues from its broader community of stakeholders. The tech company also hinted at plans to roll out a digital collectibles scheme on Facebook. Furthermore, Meta plans to allow users to display and share their digital collectibles as AR stickers in Instagram Stories.
Following the announcement of the Meta NFT initiative, the price of Flow blockchain’s native token, FLOW, went up. Interestingly, FLOW surged by 44% as of August 4th to trade at $2.76 per token. The latest price movement brings the digital token’s 30-day rise to close to 72%.
NFTs for Everyone
Meta also said in its official post that it is trying to “empower diverse voices” and provide easy NFT access to “underrepresented groups”. The company said it will make the NFT space a lot more inclusive by improving accessibility and lowering the entry barrier. Meta will do all these while continuously ensuring that Instagram is a “safe and enjoyable” place for all users.
Created by Dapper Labs, Flow has some noteworthy NFT project antecedents under its creator’s umbrella. These include NBA Top Shot, NFL All Day, as well as UFC Strike. Beyond these, the blockchain also functions as an open protocol for several other third-party projects. These include avatar creator Genies and Zigazoo, a kids’ collectibles app.
NFTs in general, have been the rave since the market first exploded in popularity back in 2021, generating $25 billion in trading volume. In 2022, the market has already surpassed $20 billion in sales.