Instagram Adds Flow Blockchain To Its NFT Integration

In more than 100 nations, Instagram has made non-fungible tokens (NFTs) available on its platform.

As it increasingly incorporated NFTs inside its ecosystem, Meta Newsroom reaffirmed its commitment to continuing its growth into the Web3 spheres.

Asia, Asia-Pacific, Middle Eastern, and American Instagram users will be able to link their digital wallet to Instagram and display their preferred NFTs.

It’s true that the Meta newsroom also verified Coinbase Wallet and Dapper connections, along with support for digital assets produced on the Flow blockchain.

As a direct result, the native currency of the Flow blockchain ecosystem, known as FLOW tokens, experienced an explosive rise from $1.89 to $2.75, according to coinmarketcap.com.

Given that the Ethereum and Polygon blockchains have already been merged, this development demonstrates Meta’s growing interest in NFTs.
The empowerment provided by the blockchain and NFTs, which have driven the creative economy, was praised by Meta back in May.

“Creators inspire people and advance culture all throughout the world every day,” stated Meta. They can now take advantage of new ways to generate income thanks to blockchain technology, and fans can support their favorite creators by buying digital artifacts like art, photos and films, music, or trading cards as non-fungible tokens (NFTs).

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“New technologies, such as NFTs, are being used by creators to gain more control over their output, their interactions with their audience, and their monetization strategies. In order to enhance the user experience, assist artists in expanding their revenue prospects, and expose NFTs to a larger audience, we at Meta are examining what creators are already doing across our technologies.

Since August 4th, third-party wallets including Rainbow, MetaMask, Trust Wallet, Coinbase Wallet, and Dapper Wallet are supported by Instagram. Dapper Wallet will shortly follow.

The NFTs that producers and collectors want to publish on Instagram can be selected from their wallet once they are linked.

After that, they will have the choice of displaying the collectible’s public details and mentioning its maker.

There won’t be any additional costs for Instagram users for this new service.

Additionally, Meta reaffirmed its dedication to sustainability by pledging to buy renewable energy and lessen the environmental impact of showing NFTs. The Flow blockchain now counts Meta among its distinguished and lengthy list of partners, which also includes well-known companies like Warner Music, Ubisoft, the NBA, the UFC, Animoca Brands, and Opensea.

It is no secret that Mark Zuckerberg, CEO of Meta, is enthusiastic about the metaverse. By integrating NFTs into his ecosystem, he has recognized the importance of NFTs in realizing his goals.

Additionally, Zuckerberg is aware that NFTs allow creators new avenues for expression and monetization, both of which are essential for the development of a strong metaverse community.

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The Federal Trade Commission (FTC), who recently filed a lawsuit against Meta in an effort to stop them from acquiring Within Unlimited, a developer of virtual reality fitness apps, has taken note of Zuckerberg’s metaverse ambitions.

The FTC objected to Meta’s strategy and warned of its anti-competitive effects because they saw it as “seeking to buy its way to the top.”

The FTC claimed in a press statement that Meta’s decision to purchase an existing app rather than develop its own limits consumer choice and market innovation.

In a statement in response to the accusations, Meta claimed that the evidence against them was “based on ideology and supposition.”