Meta started to test its nonfungible token (NFT) support on Instagram in May and later added the feature to Facebook in June. The American tech giant has now announced the expansion of the nonfungible token cross-posting feature to all United States Facebook and Instagram users.
For some time, only an exclusive group of US creators and collectors had access to the feature. This feature enables users to share developed or purchased NFT on Instagram. Most Instagram users will now have a chance to use the NFT support feature in more than 100 countries.
Meta Offers NFT Feature To All Instagram And Facebook Users In The US
Meta started to test its NFT support on Instagram in May and then added the feature to Facebook in June. In August, Meta unleashed the NFT cross-posting feature between Facebook and Instagram. Users can link their digital wallets, share their nonfungible tokens, and tag developers and collectors easily.
Updating customers on the Instagram and Facebook NFT cross-posting, Meta published:
“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 more than 2.9 billion users, while Instagram has at least 1.9 billion users. The most recent update on the NFT support feature will increase the use and coverage of these platforms.
At the same time, Meta seems to be making NFT readily available to Facebook and Instagram users. The three blockchains that the tech behemoth supports include Polygon, Ethereum, and Flow. It also hopes to add Solana to this list soon.
“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 to share their digital collectibles across both.”
Could The NFT Support Be Meta’s Web3 Breakthrough?
The CEO of Meta Platforms Inc, Mark Zuckerberg, has revealed that the firm’s revenue has sharply dropped. The revenue plunge is the first of its kind in its 18 years of operation. He said that the move to cut down the company’s workforce by the end of 2023 will enable it to restructure some teams while stopping all h ring processes.
Meta is also planning to trim a majority of the tea budgets within the firm’s means. The digital collectible feature is not Meta’s debut in Web3. The team is now trying to achieve more outstanding success in this space.
Already, the multinational tech firm has experienced failure in its race to make a considerable impact in the Web space. We should also 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 Reality Labs. Hopefully, the NFT integrations may be a win for the team.
