Mark Zuckerberg's Meta (META) is introducing a new NFT feature to Instagram users across the globe.
Instagram creators and businesses in over 100 countries will have a new function on the social media site allowing them to display NFTs or non-fungible tokens.
To store and trade these NFTs, Meta will be integrating Instagram with digital wallets such as Coinbase (COIN) Wallet and Dapper Wallet.
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Instagram users will also be able to connect Rainbow, MetaMask, and Trust Wallets allowing for the possibility to post NFTs minted on the Flow blockchain, as well as Ethereum (USD-ETH) and Polygon (MATIC-USD).
According to Meta, the company wants to facilitate branded content partnerships between NFT creators and brands.
Meta also plans to test in-app payments, so brands could pay creators for branded NFT content via the social media platform.
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This move by Mark Zuckerberg's tech-giant has the potential to bring mainstream adoption of web3, digital wallets, cryptocurrencies, and NFTs.
The new Instagram feature will allow users to connect a digital wallet to the social media platform in order to post an NFT.
Meta (META) announced that there will be no fees associated with posting or sharing a digital collectible on Instagram.
On Thursday Instagram said that its NFT digital collectibles roll out, which began in the US in May, is now expanding worldwide.
Instagram creators and businesses in some 100 countries across Africa, the Asia-Pacific region, the Middle East, and the Americas will now be able to share their NFTs on Instagram.
However, a spokesperson from Instagram declined to comment on whether Europe is included in the new roll-out.
Meta said in a statement: “This milestone reflects Meta’s continued work to expand access to web3 technology through NFTs, and support creators who want to monetise their work and build community with their fans and collectors."
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The move comes after Meta CEO Mark Zuckerberg wrote in a June Facebook post that the company is focusing on “rolling out more ways for creators to make money on Facebook and Instagram".
A non-fungible token is a digital asset that cannot be exchanged equally with another digital asset.
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Whereas each bitcoin (USD-BTC) is fungible and worth the same as another bitcoin, and so is equally interchangeable, each NFT has a unique value and when traded can be auctioned in the form of digital art.
Other examples of the assets that NFTs can represent include in-game items like avatars, digital and non-digital collectibles, domain names, and event tickets.
NFTs are stored on the blockchain with unique identification codes and metadata that distinguish them from each other.
They can be bought and sold on major NFT marketplaces such as OpenSea.