KEY POINTS

  • Meta boosts expansion effort with Instagram Digital Collectible
  • The functionality was launched in May
  • The NFT Instagram feature also supports Coinbase and Dapper wallets

Almost three months following its launch, Meta's Digital Collectibles on Instagram is now available to 100 countries, alongside digital wallet support integration, as part of the company's expansion.

The latest move was shared Thursday by Meta Newsroom on Twitter. The company stated that it has started its NFT expansion in 100 countries in the Americas, Asia-Pacific, Middle East and Africa. The integration was launched in May and prior to this, the expansion was only available to select creators in the U.S.

Moreover, the announcement also revealed that Dapper Wallet and Coinbase Wallet are now acceptable third-party digital wallets. Coinbase and Dapper are now part of the growing list of third-party wallets supported by the feature, which includes Metamask, Rainbow and Trust.

People unhappy with changes on Instagram have been urging the company to 'make Instagram Instagram again'
People unhappy with changes on Instagram have been urging the company to 'make Instagram Instagram again' AFP

Instagram also extended its supported blockchains, which now include the layer-1 blockchain FLOW. "There are no fees associated with posting or sharing a digital collectible on Instagram," Meta said.

"By building support for NFTs, we aim to improve accessibility, lower barriers to entry, and help make the NFT space more inclusive to all communities. It is also important that we keep Instagram a safe and enjoyable place for everyone," Meta said in May. "We understand that blockchain technology and NFTs raise important questions on sustainability. Meta will help reduce the emissions impact that might be associated with the display of digital collectibles on Instagram by purchasing renewable energy," the announcement blog noted.

Instagram's functionality enables users to link a digital wallet, share Non-Fungible tokens (NFTs) and tag creators and collectors for attribution. Users can also share NFTs in their main IG Feed, Stories, or messages. When users post a digital collectible, it will feature a shimmer effect with options to add public info about the NFT, including a description.

But, for users to be able to use the new functionality, they have to link their digital wallet to Instagram. Meta also promised that it "will expand access to digital collectibles soon, bringing the benefits of NFT ownership to even more creators and collectors."

NFTs seemed like a part of Meta's move to the Metaverse and while the company saw a whopping $2.8 billion loss last quarter in its metaverse division, Meta CEO Mark Zuckerberg is unfazed and somewhat optimistic about the "billions" or "trillions" potential of the emerging sector.

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