The expansion follows the social network’s initial NFT test launch in May
Meta CEO Mark Zuckerberg said that the company is beginning the international expansion of non-fungible tokens (NFT) support on its photo and video-sharing platform Instagram.
The expansion follows the social network’s initial NFT test launch in May. With this expansion, users and businesses in more than 100 countries in Africa, Asia-Pacific, the Middle East and the Americas will now be able to share their NFTs on Instagram.
Prior to the expansion, the support was only available to select creators in the US, reports TechCrunch.
The company also announced that Coinbase Wallet and Dapper Wallet are now accepted as third-party wallet compatible for use. Instagram currently supports select third-party digital wallets including Rainbow, MetaMask, and Trust Wallet.
For showcasing NFT, the platform currently supports blockchains like Ethereum and Polygon, and will extend its support for Flow and Solana soon.
Instagram’s NFT functionality allows users to connect a digital wallet, share NFTs and automatically tag a creator and collector for attribution.
Users can share NFTs in their main Instagram Feed, Stories or messages. Once they post a digital collectible, it will have a shimmer effect and can display public information, such as a description of the NFT.
In order to post a digital collectible on Instagram, users need to connect their digital wallet to Instagram.
Every day, creators inspire people and push culture forward around the world. With the incredible opportunity of blockchain technology, they can now leverage new tools to earn income, and fans can support their favourite creators by purchasing digital collectibles – art, images and videos, music, or trading cards – as non-fungible tokens (NFTs), the announcement reads.
The company’s latest earning report shows that it lost $2.8 billion on the Reality Labs division during Q2, missing the overall analysts’ expectations.