- Meta aims to turn the concept of the metaverse into a real thing alongside an increased focus on NFTs.
- Users can link digital wallets once to Instagram or Facebook to display digital collectibles on both platforms.
- A shimmer effect along with display of public information will be featured in the NFT posts.
Meta, Facebook’s parent company, shared that about 2.9 billion users of social media channels will get to share NFTs and digital collectibles.
Early in August, Instagram rolled out the NFT feature in more than 100 countries, allowing users to post digital collectibles that are minted on Flow or through wallets that support Polygon or Ethereum.
In its statement, Meta said that by continuing the launch of digital collectibles on Instagram and Facebook, they are allowing users to post their digital collectibles throughout both the social platforms. This way, users can link their digital wallets to any of the two platforms to share digital collectibles on 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.— Meta Newsroom (@MetaNewsroom) August 29, 2022
What NFT are you excited to share? 👀https://t.co/wa2wkWfI7p pic.twitter.com/SlpwAuY02c
In comparison to third-party browsers, linking digital wallets to Instagram or Facebook appears limited. However, enhancing the reach of the NFTs in smartphones with Meta’s app can lead to adoption or extra earnings for the particular platform. Meta filed applications with the USPTO in May for the use of its namesake in Meta Pay, the crypto payments platform.
In February, Meta stopped the release of its stablecoin upon facing pushback from regulators across the world. According to Mark Zuckerberg, there was a great chance to make trillions of dollars in the digital asset world. In the second quarter of 2022, the company reported a 1% drop in its revenue year over year.