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Highlights
- Instagram, one of the most used social media apps worldwide, has finally launched NFT integration
- Meta has said in the same announcement that it was also exploring other Web 3.0 technologies
- A few big-ticket names in the NFT verse with expensive assets include Beeple, CryptoPunk, and BAYC
There is no stopping non-fungible tokens (NFTs) from creating a new headline each day. Not only celebrities like Madonna are a part of the digital collectible frenzy, even big corporates like Meta, Facebook’s parent organisation, do not want to be left behind.
Notwithstanding the ongoing volatile phase in the cryptocurrency sector, which is closely linked to NFTs, new announcements are keeping the sector buzzing. After relatively smaller companies like GameStop and LimeWire’s initiatives, Meta has taken a plunge into the NFT world and has announced the expansion of services in 100 countries.
Let us know more about how Instagram NFT integration works for everyone.
Instagram NFTs
In a previous announcement in May, Instagram shone a light on how it will support digital collectibles on the platform. Its service was then introduced in a test phase with a few creators in the US. Instagram declared that under its NFT integration service, users will be able to connect their digital wallet/s, starting with MetaMask and Trust Wallet, with their accounts to share the NFT asset.
A post, supposedly like any other post on Instagram, will make the digital collectible visible to the intended audience. The social media app, which is used by billions of people worldwide, said that it would collect data from various public blockchains in order to identify the actual creator and owner of any NFT asset. These blockchains include Ethereum’s and Polygon’s.
There is no word yet on NFT trading using Instagram, although a few analysts expect that the platform might like to go the GameStop way in the medium-to-long term.
NFT integration expansion
Now, Meta has announced that Instagram’s NFT services are being introduced in countries in the Americas, Asia Pacific, the Middle East, and Africa. It has been confirmed that there is no fee to post an NFT on Instagram, and the platform would support a variety of wallets including Coinbase’s and Dapper’s. Posting an NFT on Instagram only requires linking the digital wallet that holds the asset.
Popular NFTs
Although famous names like Bill Murray and Madonna have released their digital collectibles, the most expensive NFTs include names like Beeple and Pak. Even CryptoPunk’s NFTs have been bought by enthusiasts for millions of dollars.
Also read: Amid GameStop & LimeWire platforms’ launch, a look at top NFT artists
Viewpoint
Meta has also announced that the company is looking at a “wide range” of Web 3.0 technologies for further expansion. The Instagram NFT integration rollout may just be the beginning of a much deeper plunge by Meta into the blockchain world in coming months.
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