Meta, the parent company of Facebook, and Instagram has announced that users of both platforms can now link their digital wallets to enable them to post non-fungible tokens (NFTs).
Meta, parent company to Facebook said the social media network’s roughly 2.9 billion users would be able to share digital collectibles and NFTs in an update to a May 10 blog post on Monday.
The announcement came after a Meta update on August 4 stating that Instagram users in 100 countries could post digital collectibles created on the Flow blockchain or from wallets supporting the Ethereum or Polygon blockchains to their accounts. By the second quarter of 2022, it is anticipated that there will be between 1 billion and 2 billion active Instagram users.
We’ve begun enabling users to publish digital collectibles that they possess across both Facebook and Instagram as we continue to roll out digital collectibles on Facebook and Instagram, according to Meta.
This will allow users to share their digital valuables between both apps by only having to connect their digital wallets to one of the apps once.
Digital wallet integration with Facebook or Instagram appears to be restricted to the apps rather than using outside browsers.
However, extending NFTs to every smartphone with a Meta app loaded might lead to increased revenue or adoption for the social media juggernaut. In May, Meta also submitted patent and trademark applications to the USPTO for its name to be utilized in a cryptocurrency payments platform called Meta Pay.
Although Meta dropped plans to introduce its own stablecoin in February due to opposition from regulators around the world, CEO Mark Zuckerberg claimed there was still a “huge chance” to earn up to billions of dollars as the market for digital assets expanded. In the second quarter of 2022, the company recorded a 1% decline in revenue year over year.