Meta Owned Instagram to Now Offer Digital Collectibles Feature

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  • Digital items may also be minted on the Flow blockchain as per the announcement.
  • MetaMask, Trust Wallet, and Rainbow are among the third-party wallets supported.

It was stated by Meta in May that they will be launching a digital collectibles feature. For a while, the feature was restricted to a small number of US-based artists, publishers, and collectors. Since last year, the NFT industry has grown significantly. Many individuals from all around the globe were enthralled by the unique and automated method of owning art.

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In a recent press release, Facebook said that it will be expanding its reach to 100 countries throughout Africa, Asia Pacific, the Middle East, and North and South America. Among the new features is the ability to exchange digital items, a digital wallet, and much more.

Late to the NFT Party?

Besides the NFT growth plan, Meta has introduced support for Coinbase wallet and Dapper integrations in addition to this. According to the official statement, digital items may also be minted on the Flow blockchain.

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MetaMask, Trust Wallet, and Rainbow are among the third-party wallets that will be supported. However, the platform does not collect any fees. There are now three supported blockchains: Ethereum, Polygon, and Flow.

Facebook CEO Mark Zuckerberg has been discussing methods to monetize social media and aid content providers in making money. Non-fungible tokens were mentioned by Zuckerberg when he discussed monetizing content.

Non-fungible tokens were mentioned by Zuckerberg when he discussed monetizing content. Twitter was an early adopter of NFTs in the social media sphere. Meta’s latest move came as no surprise to many since many other large firms have done the same.

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NFT trading and volumes are not in optimal condition right now, thus it’s possible that some people think Meta came late to the NFT party. Content producers will be able to share their NFT collectibles with a broader audience thanks to the new functionality.

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