The Mark Zuckerberg-led business has started to expand its nonfungible token (NFT) programme across 100 countries in Africa, the Asia-Pacific, the Middle East, and the Americas, according to a Meta newsroom post, reported by Cointelegraph.
This includes the ability to post digital collectibles created on the Flow blockchain as well as the addition of support for wallet connections with Coinbase Wallet and Dapper. The initial rollout is focused on the well-known social media platform Instagram.
To publish an NFT on Instagram, one merely needs to link their digital wallet, according to the company’s updated post. As of Thursday, third-party wallet connections with Rainbow, MetaMask, Trust, Coinbase, and Dapper Wallet were either finished or would be soon. The supported blockchains at the moment are Flow, Polygon, and Ethereum. Posting or sharing a digital collectible on Instagram is free of charge, as reported by Cointelegraph.
A layer-1 blockchain, Flow uses its own FLOW token as payment for participation in the network, transactions, and governance. Warner Music, Ubisoft, the National Basketball Association, the Ultimate Fighting Championship, Animoca Brands, Circle, Binance, OpenSea, and now Meta are notable ecosystem partners.
Digital assets seem to have joined the metaverse as one of the fundamental elements for Meta’s growth. The company’s revenue fell by 1% to $28.8 billion in the second quarter of 2022, while operating income plummeted by 32% to $8.36 billion during the same period. The company’s staggering $2.8 billion loss in its Metaverse segment, according to CEO Mark Zuckerberg, didn’t bother him because there was still a chance to generate “hundreds of billions” or even “trillions” of dollars as the industry develops.
(With inputs from Cointelegraph)
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