Instagram Expands NFT Support-Will the Crypto Market React?

Summary:
• Instagram has expanded its NFT support to 100 countries across three continents. We discuss this development and its implications.

Instagram’s non-fungible token (NFT) expansion has commenced in 100 countries around the world. The expansion will now include countries from Africa, Asia-Pacific, the Middle East, and the Americas. Mark Zuckerberg, CEO of Meta, made the announcement on Thursday. According to the company, wallet integrations with Coinbase Wallet and Dapper will soon be available on Instagram. Also included in this list are MetaMask, Trust Wallet, Coinbase wallet, and the Rainbow wallet. Aside from that, Flow users can post digital items minted on the platform.

For authentication purposes, Instagram’s NFT feature lets users link their digital wallets and automatically designate both the author and collector of NFTs. Users can share NFTs in a variety of ways on Instagram, including through the main feed, stories, and messages. However, you must connect your digital wallet to publish an Instagram collectable.

Instagram could rescue the NFT market

In May, Instagram made the program available to a limited number of customers in the United States. In the near future, the platform will also support Solana NFTs. Meta says today’s growth reflects its efforts to make web3 technology more widely available. With NFTs, the company is helping artists monetise their work while also creating a sense of community among its followers and collectors.

Many crypto developers are working to develop the technology that will make it possible for blockchain networks and NFTs to function as part of an open and interconnected metaverse. It is yet unclear how the NFT market will respond to Instagram’s announcement. The NFT market has been underperforming in recent times, with the latest DappRadar report indicating a significant drop in NFT sales volume in July.

Integrating NFTs with Instagram will certainly expose the masses to Web 3 and metaverse. As a result of the integration, millions of users on social media will be exposed to NFTs for the first time. It’s likely that this will boost NFT sales, giving creators and NFT investors a significant boost in revenue. Within 24 hours of Instagram announcing its support for the Flow blockchain, the FLOW token surged by about 47%.