An NFT is a blockchain token that acts like a deed of ownership to an item, including digital goods like profile pictures, artwork, collectibles, and video game items. The NFT market rose to prominence in 2021, generating some $25 billion worth of trading volume. Already in 2022, the market has yielded north of $20 billion in sales.
Meta has announced that its Instagram photo-sharing platform now supports the posting of NFTs. The announcement was made yesterday as an update to the company’s statement from May that it would enable NFT posting using the Flow blockchain, which was purpose-built for NFT use.
“We’re starting international expansion to 100 countries in Africa, Asia-Pacific, the Middle East, and the Americas. Additionally, we now support wallet connections with the Coinbase Wallet and Dapper, as well as the ability to post digital collectibles minted on the Flow blockchain,” the statement reads, ” Supported blockchains at this time include Ethereum, Polygon and Flow. There are no fees associated with posting or sharing a digital collectible on Instagram.”
Dapper Labs created the Flow blockchain to support all aspects of NFT storage, trading, and sharing. Dapper is also responsible for creating some of the most popular NFT collections in the 10-year history of the asset class with such hits at CryptoKitties and NBA Top Shot. As a result of the news, the native crypto for that network — known as FLOW — traded as high as $2.97 across cryptocurrency exchanges during the past 24 hours, representing a 45% spike that has since slid back to single-digit levels.
Meta continues to try and find its crypto footing
In February of this year, Meta saw the largest valuation drop in U.S. stock market history, as its stock price fell 26%, wiping out more than $250 billion in market capitalization in a single day. The company cited steep declines in Facebook, Instagram, and WhatsApp advertising revenue due to fierce competition from competitors such as TikTok, YouTube, and WeChat. However, Meta continues to work on its blockchain and crypto strategy as it made several crypto-related trademark filings in March for crypto tokens, blockchain software, virtual currency exchanges, as well as financial and currency trading services. In addition, Meta’s original announcement of its foray into NFTs came in May.