Facebook and Instagram users can now post non-fungible tokens, or NFTs, and digital collectibles to their accounts by linking their wallets.
In an update to a May 10 blog post, Facebook parent company Meta said that the social media platform’s roughly 2.9 billion users will have the ability to share digital collectibles and NFTs. The announcement followed an August 4 update in which Meta said Instagram users in 100 countries would be able to post digital collectibles minted on the Flow blockchain or from wallets compatible with the Ethereum or Polygon blockchain to their accounts, which is estimated to be between 1 and 2 billion as of the second quarter of 2022.
“As we continue to roll out digital collectibles on Facebook and Instagram, we’ve started giving people the ability to post the digital collectibles they own on both Facebook and Instagram,” Meta said. “This will allow people to connect their digital wallets once to either app to share their digital collectibles across both.”
We’re introducing the ability to post digital collectibles across @Facebook and @instagram. You can now connect your digital wallet to either app to share your #NFTs on both.
What NFTs are you excited to share? https://t.co/wa2wkWfI7p pic.twitter.com/SlpwAuY02c
— MetaNewsroom (@MetaNewsroom) August 29, 2022
Linking digital wallets with Facebook or Instagram seems to be limited to apps and not third-party browsers. However, expanding the reach of NFTs to each and every smartphone that has one of Meta’s apps installed could mean additional revenue or adoption by the social media giant. In May, Meta also filed applications with the US Patent and Trademark Office for its namesake to be used in a digital asset payment platform called Meta Pay.
Although Meta ruled out launching its own stablecoin in February after facing pressure from regulators globally, CEO Mark Zuckerberg said there was a “massive opportunity” to land up to trillions of dollars in the digital asset space as it grows. The company posted a 1% decline in revenue year over year in the second quarter of 2022.
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