- Meta’s belief in Metaverse continues to remain strong, and it will soon allow making and selling NFTs on Instagram, starting with Polygon.
- Meta announced that people would be able to connect to Solana and Phantom wallet and see information about the OpenSea collection.
- Reality Labs CTO Andrew Bosworth says that the long-term value of these technologies will come from the way they are adopted by the ecosystem of developers and creators.
In a recent announcement made via the official Twitter handle of Meta, it was revealed that Meta is soon going to allow the making and selling of NFTs on Instagram and will be starting with Polygon.
Soon you’ll be able to make and sell #NFTs on @instagram, starting with @0xPolygon. You can also now connect to @solana and Phantom wallet, and see information about @opensea collection: https://t.co/aH8035Tk8n— Meta (@Meta) November 2, 2022
Comment your #NFT below 👇 pic.twitter.com/dvHau9n9Yu
In addition to this, the tweet revealed important information, such as that people will now be able to connect to Solana and Phantom wallet and see information about the OpenSea collection. This has come following the massive investments made by Meta into its nascent metaverse project so far.
The stock price of Meta plunged over 60% back in October 2021, and the stock was changing hands at $323.57 per share. However, talking about the present condition, the price of the stock is $114.74.
As per the CTO of Reality Labs, Andrew Bosworth, they never thought that it is going to be an easy or straightforward task, but the year has been even harder than they thought. Discussing the reason behind it, the CTO revealed that the economic challenges across the world, amalgamated with the pressures on the core business of Meta, contributed to a perfect storm of skepticism regarding the investments they made.
Along with this, Bosworth said that the long-term value of these emerging technologies would come from the way they are being adopted by the collective ecosystem of creators, developers, and builders that has formed around these devices.
Back in October, it was revealed officially by Meta that the metaverse division of Reality Labs lost over $3.6 billion in Q3 of 2022, in comparison to the $2.63 billion at the same time the previous year.
In November, Mark Zuckerberg, the CEO of Meta, said that irrespective of the loss, and subsequent layoff of around 11,000 employees, he still carries a long-term vision for the metaverse.