Meta CEO Mark Zuckerberg informed Instagram that support for non-fungible tokens (NFTs) is expanding to more than 100 countries. In a blog post, Meta said the feature will allow artists, businesses and others in Africa, Asia Pacific, the Middle East and the US to share NFTs on Instagram. Instagram began testing NFTs in May, allowing a handful of American artists and collectors to share NFTs on the social media platform. Before the expansion, it was only available to a handful of U.S. creators.
The extension initially supports Ethereum, Polygon, and Flow NFTs. Instagram also plans to let users connect to Rainbow, MetaMask, Trust Wallet, Coinbase Wallet, and Dapper Wallet. There is no associated fee for this feature.
“It is critical that our early efforts in this space empower diverse voices and underrepresented groups to gain access to emerging digital assets such as NFTs. By building support for NFTs, we aim to increase accessibility, Lower the barriers to entry and help make the NFT space more inclusive for all communities,” the Zuckerberg-led company said in a post.
Once the wallet is connected, Instagram members can choose which NFTs to display on their profile or share on the platform. Once published, it will have a specific flash effect and other users can view information in its description, especially public metadata. These posts will be appended to the public profile of the user who displayed the information.
Since NFTs are part of a culture of creators and collectors designed to spark conversation, Instagram will also allow them to automatically attribute this information. Of course, this is also subject to privacy settings.
Social media giant Meta, formerly Facebook, first hinted that it was ready to embrace Web 3 in October 2021, when it rebranded to help Metaverse grow. The company has since poured $10 billion (approximately Rs 79,105 crore) into its Metaverse unit Reality Labs and raised the salaries of 1,000 people, but the company’s Web3 plans have been largely kept under wraps.