On May 10, 2022, Mark Zuckerberg’s business unveiled its plan to expand its digital asset portfolio after reporting a significant loss in its Metaverse division in Q2.
To post an NFT on Instagram, one simply needs to link their digital wallet, according to the company’s updated post. As of Thursday, third-party wallet integrations with Rainbow, MetaMask, Trust, Coinbase, and Dapper Wallet were either finished or would be soon. The supported blockchains at the moment are Flow, Polygon, and Ethereum. Posting or sharing a digital collectible on Instagram is free of charge.
Flow is a layer-1 blockchain that uses its own FLOW token as payment for participation in the network, transactions, and governance. Some notable ecosystem partners include Warner Music, Ubisoft, the National Basketball Association, the Ultimate Fighting Championship, Animoca Brands, Circle, Binance, OpenSea, and now Meta.
According to a Thursday update to a newsroom post on Meta, the Mark Zuckerberg-led company has started to expand its nonfungible token (NFT) across 100 countries in Africa, the Asia-Pacific, the Middle East, and the Americas. Adding support for Coinbase Wallet and Dapper wallet connections as well as the capability to post digital collectibles created on the Flow blockchain are all included in this. Instagram, a well-known social media app, is the primary target of the initial rollout.
Digital assets seem to have joined the metaverse as one of the fundamental elements for Meta’s growth. The company’s revenue fell by 1% to $28.8 billion in the second quarter of 2022, while operating income fell by 32% to $8.36 billion during the same period. The company’s staggering $2.8 billion loss in its Metaverse division, according to CEO Mark Zuckerberg, didn’t bother him because there was still a chance to make “hundreds of billions” or even “trillions” of dollars as the industry develops.
What is Meta?
Their Mission
Give people the power to build community and bring the world closer together.
Their products empower more than 3 billion people around the world to share ideas, offer support and make a difference.
$6 billion+ raised
By their community to support the causes they care about
200 million+ businesses
Use their apps to connect with customers and grow
140 billion+ messages shared every day
Help people stay close even when they are far apart
1 billion+ stories shared every day
Help people express themselves and connect
Their Culture
At Meta, they are constantly iterating, solving problems and working together to connect people all over the world. That’s why it’s important that their workforce reflects the diversity of the people they serve. Hiring people with different backgrounds and points of view helps them make better decisions, build better products and create better experiences for everyone.
Their Principles
Their principles are what we stand for. They are beliefs we hold deeply and make tradeoffs to pursue.
Give People a Voice
People deserve to be heard and to have a voice — even when that means defending the right of people we disagree with.
Serve Everyone
They work to make technology accessible to everyone, and their business model is ads so their services can be free.
Promote Economic Opportunity
Their tools level the playing field so businesses grow, create jobs and strengthen the economy.
Build Connection and Community
Their services help people connect, and when they’re at their best, they bring people closer together.
Keep People Safe and Protect Privacy
They have a responsibility to promote the best of what people can do together by keeping people safe and preventing harm.
