By
Chimamanda U. Martha
April 17th, 2024
Meta began to test its NFT support on Instagram in May and later added the feature to Facebook in June.
American technology company Meta (NASDAQ: META) has announced the expansion of the NFT cross-posting feature to all US Facebook and Instagram users. For a while, only a selected number of US creators and collectors had access to this feature. The feature allows users to share created or purchased NFT on Instagram. Many Instagram users will now be able to use the NFT support feature in over 100 countries.
Meta Now Offers NFT Feature to All Instagram and Facebook Users in the US
Meta began to test its NFT support on Instagram in May and later added the feature to Facebook in June. In August, Meta unveiled the NFT cross-posting feature between Facebook and Instagram. Users can connect their digital wallets, share their NFTs, and tag creators and collectors effortlessly.
Updating customers on the Facebook and Instagram NFT cross-posting, Meta wrote:
“Today we’re announcing that everyone on Facebook and Instagram in the US can now connect their wallets and share their digital collectibles. This includes the ability for people to cross-post digital collectibles that they own across both Facebook and Instagram. Additionally, everyone in the 100 countries where digital collectibles are available on Instagram can now access the feature.”
Facebook has remained the most used social media platform, with over 2.9 billion users, while Instagram has over 1.9 billion users. The recent update on the NFT support feature will expand the use and coverage of these platforms. At the same time, Meta is making NFT more accessible to Facebook and Instagram users. The three blockchains the tech giant supports are Ethereum, Polygon, and Flow. It also hopes to add Solana to its list in the near future.
“As we continue rolling out digital collectibles on Facebook and Instagram, we’ve started giving people the ability to post digital collectibles that they own across both Facebook and Instagram,” Meta added. “This will enable people to connect their digital wallets once to either app in order to share their digital collectibles across both.”
Could this NFT Support be Meta’s Web3 Breakthrough?
Furthermore, Mark Zuckerberg, the CEO of Meta Platforms Inc, has disclosed that the company’s revenue has drastically reduced. The revenue drop is the first of its kind in its 18 years of operation. He mentioned the move to reduce the company’s workforce by the end of 2023. The company will restructure some teams while halting all h ring processes. Meta is also planning to trim most team budgets within the company’s means.
The digital collectible feature is not Meta’s debut in Web3. The team is trying to achieve more outstanding success ss in this space. Already, the multinational tech company has experienced failure in its race to make a significant impact in the Web space. Let us not forget the Diem Stablecoin project, which made headlines before winding down.
Meta is one of the early adopters of Web3 yet has little to show for it. In June, Meta reported a $2.8 billion loss in Facebook Real ty Labs. Hopefully, the NFT integrations could be a win for the team.