Meta Introduces Digital Collectibles NFT Features on Instagram & Facebook

Annie Li  Sep 30, 2022 16:45  UTC 08:45

1 Min Read

On September 29, Meta, the parent company of Facebook and Instagram, announced that users on Facebook and Instagram in the US can now connect their wallets and share their digital collectables.

The company said that users of both platforms will be able to cross-post digital collectables they own and connect their associated wallets on Facebook and Instagram.

Additionally, there are no fees for posting or sharing digital collectables on Instagram, and it supports users in 100 countries to share non-fungible tokens.

The Meta platform also revealed in August that it had increased the number of compatible blockchain networks, including Flow from Dapper Labs. Based on this, investors can now upload their non-fungible tokens (NFTs) from Ethereum, Polygon, and Flow, respectively.

The company also plans to make its non-ft features on Instagram seamlessly accessible globally and has added support for Coinbase and Dapper wallets to complement its earlier integrations with Rainbow, MetaMask, and Trust wallets.

In May, Instagram announced a trial run of NFTs in the US to select creators.

In addition to Instagram, a non-NFT test on Facebook is also in developing, with the NFT feature being rolled out to some US creators in early July this year.

Since NFTs help build authentic intellectual property, this is one of the key drivers expected to push the sector to a $97.6 billion valuation by 2028, according to a report by Research and Markets.

Besides Meta, other social media platforms, including Twitter and Reddit, are also taking their NFT drives to new heights.

Image source: Shutterstock

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