Despite widespread mainstream skepticism about NFTs and the crypto space, the world’s largest social media company is pushing hard on the technology.
Meta plans to expand its piloting digital collections feature on Instagram to more than 100 countries across Africa, Asia Pacific, Middle East and Americas.
Taaran Chanana, co-founder and MD of MemeChat, says the invention will allow creators to share their digital collections on social media and connect their digital wallets, thus increasing their visibility on Instagram. said to rise.
“We are also driven to build an economically sustainable and progressive ecosystem for content creators. We recognize the true power of meme trends and empower these creators to realize it. It’s about providing a platform to do that,” he added.
This new feature will allow Instagram users to share their NFTs by connecting their digital wallets to the app. This feature has no associated charges.
The expansion will initially support Ethereum, Polygon, and Flow NFTs, and Instagram plans to allow users to connect to Rainbow, MetaMask, Trust Wallet, Coinbase Wallet, and Dapper Wallet.
BitCrunch Founder and CEO Vijay Pravin Maharajan says NFTs are in the news boom. “NFT and Metaverse have led tech giants to raise millions of dollars in funding to support it.”
To post NFT collections and digital art, users must link their digital wallets to Instagram. Meta has revealed plans to expand its blockchain support.
Instagram users can post their NFTs to their Instagram feed and share them with others. Users can automatically tag NFT creators and collectors for proper attribution.
When you post your NFT collection on Instagram, the digital art will sparkle and reveal information about your NFT (creator, owner, value, etc.).
HelperWorld founder Ashwani Kumar said the potential and applications of NFTs and blockchain technology are wide-ranging in terms of who can create and sell them, and what NFT business use cases and applications will be created. said to reach
“The potential opportunities for monetizing digital or virtual content via NFTs are endless for anyone, whether it’s puppy photos, cooking class videos, or photos with celebrities,” he added.
Meta first showed its readiness to embrace Web3 last October when it rebranded to boost growth in the Metaverse. The company’s CEO, Mark Zuckerberg, previously said the company plans to support NFTs.
Abhijit Shukla, CEO and director of Tarality, said the crypto tokens unique to its features reside on the blockchain representing real-time aspects from artwork to real estate.
By “tokenizing” real-world tangible assets, they can be bought, sold, and traded more efficiently while reducing the likelihood of data breaches and fraudulent payment processes.
The company invested $10 billion in its metaverse division, Reality Labs, and has since hired 1,000 staff, but its Web3 plans are largely a secret.