August 12, 2022
By Sharan Kaur Phillora
Meta CEO Mark Zuckerberg said that the company is beginning the international expansion of non-fungible tokens (NFT) support on its photo and video-sharing platform, Instagram.
Here’s what we know:
The feature, which allows Instagram users to share their digital collectibles on the platform, was launched in May for select US creators and collectors. And now opens NFT support to additional countries in Africa, Asia-Pacific, the Middle East, and the Americas.
Instagram users will be able to share NFTs on the Ethereum, Polygon, and Flow blockchains by connecting their digital wallets to the app. Shared NFTs are tagged as digital collectibles and include a shimmer effect.
Meta says their work in this space is part of their ongoing efforts to support creators, noting that NFTs allow creators to “take more control over their work, their relationship with their fans, and how they can monetize.”
Users need to connect their digital wallet to Instagram to post an NFT, the company said in its updated post. Third-party wallet integrations with Rainbow, MetaMask, Trust Wallet, Coinbase Wallet, and Dapper Wallet are either complete as of Thursday or are coming soon. Supported blockchains at this time are Ethereum, Polygon, and Flow. There are no fees associated with posting or sharing a digital collectible on Instagram.
Zuckerberg announced the NFT expansion by sharing his own soon-to-be NFT: a Little League baseball card of himself that he had made in 1992.
About the author
Sharan Kaur Phillora’s thirst for knowledge has led her to study many different subjects, including NFTs and Blockchain technology – two emerging technologies that will change how we interact with each other in the future. When she isn’t exploring a new idea or concept, she enjoys reading literary masterpieces.