In recent developments, Facebook and Instagram users will both be allowed to post non-fungible tokens (NFTs) and digital collectibles to their accounts through linkage of their wallets, as stated by Cointelegraph.
On the basis of information by Cointelegraph, through a blog post, Facebook’s parent company Meta said the social media platform’s close to 2.9 billion users will be allowed to share digital collectibles and NFTs. Post the announcement, an update from Meta mentioned that Instagram users across 100 countries will be able to post digital collectibles minted on the Flow blockchain or from wallets supporting the Ethereum or Polygon blockchains to their accounts, which is estimated to be between one billion and two billion users for the second quarter of 2022.
“As we continue rolling out digital collectibles on Facebook and Instagram, we’ve started giving people the ability to post digital collectibles that they own across both Facebook and Instagram. This will enable people to connect their digital wallets once to either app in order to share their digital collectibles across both,” Meta said in a statement.
Moreover, Cointelegraph noted that connection between digital wallets and either Facebook or Instagram looks to be limited to the applications rather than through third-party browsers. However, expansion of reach of NFTs to smartphones with one of Meta’s applications installed could result into additional earnings. In May, Meta filed applications with the United States Patent and Trademark Office for it to be used in cryptocurrency payments platform called Meta Pay. Though Meta didn’t go ahead with the unveiling of its own stablecoin in February after facing pushback from global regulators, Mark Zuckerberg, CEO, Meta, spoke on the opportunity to make trillions of dollars in the digital asset space with its growth. In the second quarter of 2022, the company reported a one percent drop in revenue on a year-over-year basis.
(With insights from Cointelegraph)