Instagram Expands Its NFT Integration With Flow Blockchain

Instagram has made it possible to use non-fungible tokens (NFTs) on its platform in more than one hundred different countries.

Meta Newsroom confirmed its resolve to continue expanding into the Web3 spheres as it increased the amount of NFTs that were integrated into its ecosystem.

Instagram users in Asia, the Asia-Pacific region, the Middle East, and the United States will soon be able to link their digital wallets to the social media platform and advertise their favourite NFTs.

It is true that the Meta newsroom has confirmed connections to Coinbase Wallet and Dapper, in addition to support for digital assets produced on the Flow blockchain.

According to coinmarketcap.com, as a direct consequence of this event, the value of the native currency of the Flow blockchain ecosystem, which is referred to as FLOW tokens, underwent a meteoric increase, going from $1.89 to $2.75.

This new initiative highlights Meta’s expanding interest in non-fungible tokens (NFTs), especially in light of the fact that the Ethereum and Polygon blockchains have previously been combined.
Back in May, Meta lauded the empowerment afforded by the blockchain and NFTs, which have been the driving force behind the expansion of the creative economy.

The statement made by Meta was that “Creators inspire people and advance culture all around the world every day.” They are now able to take use of new ways to create income owing to the technology of blockchain, and fans can show their support for their favorite creators by purchasing non-fungible tokens in the form of digital artifacts such as art, images and films, music, or trading cards (NFTs).

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“Creators are utilizing new technologies, such as NFTs, in order to acquire more control over their output, their interactions with their audience, and their methods of monetization. Meta is currently analyzing what creators are already doing across all of our technologies in order to improve the user experience, support artists in improving their financial prospects, and provide NFTs to a bigger audience. This will allow us to expose NFTs to a wider audience.

Since the 4th of August, Instagram has enabled support for wallets developed and maintained by third parties. These wallets include Rainbow, MetaMask, Trust Wallet, Coinbase Wallet, and Dapper Wallet. The Dapper Wallet will arrive in a short while.

Once the wallets of the producers and collectors are linked, they will be able to select from their wallets the NFTs that they want to share on Instagram.

After that, they will be given the option to either reveal the public details of the collectible or mention the producer of the item.

Users of Instagram will not be required to pay any additional fees in order to take advantage of this new service.

In addition, Meta reaffirmed its commitment to sustainability by making a pledge to purchase energy that comes from renewable sources and reduce the negative impact that presenting NFTs has on the environment. Meta is now included on the illustrious and extensive list of partners that the Flow blockchain has, which also includes well-known organizations such as Warner Music, Ubisoft, the NBA, the UFC, Animoca Brands, and Opensea.

Mark Zuckerberg, the chief executive officer of Meta, is a huge fan of the metaverse, which is not a mystery at all. He has realized the significance of non-fungible tokens (NFTs) in achieving his objectives by incorporating them into his ecosystem.

In addition, Zuckerberg is aware that NFTs open up new channels of expression and income for content providers, both of which are necessary for the growth of a robust metaverse community.

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The ambitions that Mark Zuckerberg has for the metaverse have been brought to the attention of the Federal Trade Commission (FTC), which has recently initiated legal action against Meta in an effort to prevent the company from acquiring Within Unlimited, a company that creates virtual reality fitness applications.

Because the FTC perceived Meta’s strategy as “trying to buy its way to the top,” they took issue with it and warned of the potentially anti-competitive impacts it could have.

The Federal Trade Commission (FTC) issued a press statement in which it argued that Meta’s decision to purchase an already existing app rather than develop its own app restricts the amount of choice available to customers and inhibits market innovation.

Meta issued a statement in which they responded to the allegations by claiming that the information that was presented against them was “based on ideology and conjecture.”

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