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Instagram NFT: access to non-fungible token features is to be expanded

International expansion of Instagram NFT. A review by a Bitcoin mixer: mixer.money
Instagram NFT: access to non-fungible token features is to be expanded

  1. NFT features on Instagram
  2. Development plans
  3. The impetus for the development came from competition

Meta CEO Mark Zuckerberg announced Aug 4 that the company is launching an international expansion of support for Instagram NFTs.

Meta CEO Mark Zuckerberg

The test launch of NFT on the popular social network took place in May 2022. Users in more than 100 countries in Africa, Asia-Pacific, the Middle East and the Americas will now be able to share their NFTs on the social network. Prior to the expansion, support was only available to select creators in the United States.

NFT features on Instagram

The functionality allows users to connect a digital wallet, share NFTs, and automatically tag the creator and collector for attribution. A non-fungible token can be shared in the main feed, stories or posts. Once a digital collection item is posted, it gets a flicker effect and can display publicly available information, such as a description of the non-fungible token.

To post a digital collection, you must connect your digital wallet to Instagram. To date, connections to third-party wallets including Rainbow, MetaMask, Trust Wallet, Coinbase Wallet and Dapper Wallet are supported. Supported blockchains include Ethereum, Polygon and Flow. The social network notes that there is no charge for publishing or sharing digital collectibles.

Development plans

Earlier this year, Zuckerberg said Meta would work on augmented reality NFTs, or 3D NFTs, which can be added to stories using Spark AR, the company’s AR software platform. The company said it is starting to allow people to showcase and share their digital collectibles as AR stickers in Stories.

Spark AR, the company's AR software platform

Meta says the new expansion reflects its work to expand access to WEB3 technology through NFT and support creators who want to monetize their work and build community with their fans and collectors.

“We understand that blockchain technology and NFTs raise important questions on sustainability,” the company said during its initial NFT test launch in May. “Meta will help reduce the emissions impact that might be associated with the display of digital collectibles on Instagram by purchasing renewable energy.”

The impetus for the development came from competition

The expansion of NFT functionality on Instagram stems from Twitter’s inclusion of NFT images in its profile for premium users earlier this year. Instagram and Twitter are not the only digital giants looking to use NFTs: YouTube CEO Susan Wojcicki has suggested that the platform could use WEB3 technologies, including NFTs, as a means to help YouTube creators make money. In addition, Reddit recently launched a new NFT-based avatar marketplace that allows users to purchase blockchain-based profile pictures for a fixed price.

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