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Top NFT news: Meta enables Instagram NFT integration in over 100 countries

05-Aug-2022 By: Rohit Tripathi
Top NFT news: Meta e

The Mark Zuckerberg-led company has begun its nonfungible token (NFT) rollout across 100 countries in Africa, Asia-Pacific, the Middle East, and America, according to a Meta newsroom article published on Thursday. 

This includes adding support for Coinbase and Dapper wallet connections, as well as the ability to upload digital items minted on the Flow blockchain. The initial launch is aimed at the popular social networking app Instagram.

To upload an NFT, users just simply connect their digital wallet to Instagram, according to the company's updated article. Third-party wallet connections with Rainbow, MetaMask, Trust Wallet, Coinbase Wallet, and Dapper Wallet are either complete or on their way. At the moment, Ethereum, Polygon, and Flow are supported blockchains. There are no charges connected with uploading or sharing a digital collectible on Instagram.

Flow is a layer-1 blockchain that uses the FLOW token as a means of payment for network membership, transactions, and governance. Warner Music, Ubisoft, the National Basketball Association, the Ultimate Fighting Championship, Animoca Brands, Circle, Binance, OpenSea, and now Meta are among the notable ecosystem partners.

Along with the metaverse, digital assets appear to be one of Meta's primary growth components. The company's sales dipped 1% year on year to $28.8 billion in the second quarter of 2022, while operating income plummeted 32% to $8.36 billion in the same period. CEO Mark Zuckerberg stated that he was unconcerned with the company's $2.8 billion loss in its Metaverse business, and that there was a possibility to gain "hundreds of billions," if not "trillions," of dollars as the industry matured.

Read also: Top cryptocurrency news: Japan may see a reduced 20% tax on cryptocurrency earnings with a new proposal

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