Instagram and Facebook users who have connected their wallets to the parent company Meta can now share non-fungible tokens and digital items on the platforms. Meta announced in a Monday update that the social media giant’s nearly 2.9 billion users would soon be able to trade virtual items like NFTs and collectibles with one another.
Through a Connected Wallet, Users of Instagram and Facebook Can Easily Share NFTs through Meta
Just after update on August 4th, the network made a public announcement saying that users in up to 100 countries would be able to upload digital collectibles to their Instagram profiles; these items would have been minted using the Flow blockchain or would have originated from wallets that support the Polygon or Ethereum blockchains. They numbered between 1 and 2 billion in the second quarter of this year, according to estimates.
Meta stated they have begun allowing users to share digital treasures they own on both Instagram and Facebook as they continue to introduce their products in this format. To facilitate the transfer of digital valuables between the two platforms, the company has announced that users can now link their digital wallets to any of these services with a single click.
It appears that you cannot use a third-party browser to connect your digital wallet to Instagram or Facebook, but rather, you must use one of their respective apps. However, increasing the reach of the non-fungible tokens to all cellphones simply by having installed one of Meta’s applications could pave the road for additional gains or expansion inside the social media company’s adoption.
Despite the failure of Meta’s stablecoin, the company’s CEO is still bullish on the digital asset market.
With the help of the United States Patent and Trademark Office, Meta has been working on trademark applications for the use of the social media giant’s name in Meta Pay since May. (a venue for crypto payments). After receiving significant criticism from regulatory bodies throughout the world, Meta decided to forego the concept of creating a new stablecoin in February.
However, CEO Mark Zuckerberg has said that the expansion of the digital asset market is a fantastic possibility to make more than a trillion dollars. Revenue for the social media company dropped by about 1% from the same period last year.