Meta Integrate Instagram with Crypto Wallet
Meta started to integrate nonfungible tokens (NFT) with Instagram in 100 countries spread across Africa, Asia-Pacific, Middle East, and America. Meta also added Coinbase and Dapper wallet connections, as well as minting on the Flow blockchain.
In an official statement, Meta explained, users only need to connect their wallet to Instagram to be able to upload NFT. The official wallet platforms used are Rainbow, MetaMask, Trust Wallet, Coinbase Wallet, and Dapper Wallet.
While the blockchains that currently support this integration include Ethereum, Polygon, and Flow. Solana reportedly soon followed.
This integration project was previously piloted in the US in May. There is no charge for uploading NFT on Instagram.
Flow is a layer-1 blockchain with native token FLOW. The network was created by Dapper Labs and is known for hosting NFT sports projects, including NFT NBA Top Shot, NFL All Day, and UFC Strike.
As an open blockchain, Flow is also widely used for various projects other than NFT, such as the avatar creation project, Genies, and the Zigazoo children's app. Other prominent partners in the Flow ecosystem include Warner Music, Ubisoft, National Basketball Association (NBA), Ultimate Fighting Championship, Animoca Brands, Circle, Binance, OpenSea, and now Meta.
Two hours after news of the integration was announced by Meta, FLOW tokens jumped by 67%, according to CoinMarketCap data. FLOW is currently trading at $2.54 or up 31.91% in 24 hours.
In line with the metaverse, digital assets appear to have been one of the core components of Meta in its expansion.
During the second quarter of 2022, Meta's revenue fell 1% year-over-year to $28.8 billion. Meanwhile, its operating income fell 32% to $8.36 billion in the same period.
However, Meta CEO Mark Zuckerberg said he was not affected by the loss to Meta's metaverse division. On the other hand, according to him, there is an opportunity to generate hundreds or even trillions of billions of dollars in this sector in the future.