Meta, the largest social media firm globally, declared on August 4th that 100 nations will now have access to the NFT feature. These include countries in the Middle East, Asia-Pacific, Africa, and the Americas Before now, the company had tested the usage of NFTs on Instagram.
Instagram Will Expand Support For More NFT Platforms
According to the publication, by tying their virtual wallets to the platform, users of Instagram will be able to showcase their NFTs. Meanwhile, Instagram said it would permit users to their social accounts to Dapper Wallet, Coinbase Wallet, MetaMask, Rainbow, and Trust Wallet.
However, it only supports Flow, Polygon, and Ethereum NFTs for now. Also, the report said there would be no additional costs for users to use the feature.
Meta, the social networking powerhouse once branded as Facebook, gave the first indications that it was ready to adopt Web3 in October. This was when it changed its name to assist its Metaverse vision.
Moreover, the organization has invested over $10 billion in Reality Labs, its Metaverse division. Subsequently, the company employed over 1,000 people. However, its Web3 intentions have largely remained a big mystery.
Meanwhile, Mark Zuckerberg, the company’s CEO, had originally stated that it planned to embrace NFTs on its social platforms. In May, the company distributed some NFTs to a few producers in the United States. As of then, Mark Zuckerberg stated that:
“We don’t simply create technologies. We’re attempting to promote this community as well.”
Creators In The Ecosystem Would Develop Most Of The NFTs
Zuckerberg added that creators on the platform would develop most of the NFTs. This is part of the company’s plan to ensure that developers benefit from their work. He said the artists would receive full ownership and revenue from NFTs.
Meanwhile, Meta is not the first to consider integrating NFTs on its platforms. Twitter had released a similar innovation where the social media platform allowed users to use NFTs as display pictures.
Furthermore, NFTs have generated controversy. Although many companies are attempting to embrace the technology, critics have continued to hammer on the volatile market and adverse environmental impacts of PoW blockchains such as Ethereum, where most NFTs are now issued.
Vitalik Buterin, the co-founder of Ethereum, has attacked Meta’s metaverse push. He said the company’s plans would fail. However, his criticism centred on how the definition of the metaverse was inadequate.
The crypto enthusiast did say the metaverse is an industry that would grow into millions. However, he believes that corporations and their plans are not what would enhance the metaverse.