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Instagram expands NFT support across 100 countries including India

Instagram is also introducing third-party support for wallet connections with Coinbase wallet and Dapper

August 05, 2022 / 12:51 PM IST
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Meta CEO Mark Zuckerberg took to his Instagram account to announce the expansion of Non-fungible Token (NFT) support on Instagram to 100 countries including India. This feature will let users, businesses and creators showcase their digital collectables on their Instagram profiles.

Zuckerberg shared a childhood picture of him playing baseball in a red jersey, which will soon be converted into an NFT.

The technology giant has been testing digital collectibles on Instagram with select collectors and creators in the US since May. The new expansion will include countries across Africa, Asia-Pacific, the Middle East, and the Americas.

Apart from Ethereum and Polygon blockchains, users will now be able to post digital collectibles minted on the Flow blockchain.

The company is also introducing third-party support for wallet connections with Coinbase wallet and Dapper. Existing wallets include Rainbow, MetaMask, and Trust Wallet.

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“As access to digital collectibles expands, we aim to educate broad audiences on the space, including through our @creators’ ‘NFTeach Me’ series. Across Meta, we’re exploring a wide range of web3 technologies because we believe they will expand access, reduce costs, and accelerate innovation, empowering people and creators around the world,” Instagram said in blog post.

The development comes a week after Zuckerberg during Meta’s earnings call said that the company will be slowing investment pace across a bunch of multi-year projects in progress in the areas of AI infrastructure, business platform and Reality Labs business to accelerate business. Meta reported its first ever revenue drop amidst recession seeping in the US economy.

Post rebranding and charting its future road map into the metaverse last year, Meta was on a roll in terms of hiring for newer tech jobs around Web 3 and metaverse development. This too has been slowed down both globally and in India.
Debangana Ghosh
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