Instagram rolls out NFT support to 100 countries, while FLOW token soars at 44%

    06 Aug 2022

    Social media giant Meta has started to roll out NFT support on Instagram across 100 countries after integrating with Coinbase Wallet and Dapper, as well as it will also add support for NFT-focused blockchain Flow. The price of the FLOW token has surged nearly 44% over the day following Meta’s announcement.

    Mark Zuckerberg, the CEO of Meta, announced that his company is beginning the international expansion of NFT support on its photo and video-sharing platform, Instagram.

    With this expansion, users in more than 100 countries in the Middle East, Africa, Asia-Pacific, and the Americas will now be able to share their NFTs on Instagram. The expansion follows Instagram’s initial NFT test launch in May this year. Previously, the support was only available to select creators in the US.

    NFT functionality in Instagram allows users to connect a digital wallet, share NFTs and automatically tag a creator and collector for attribution, TechCrunch reported. Users can share NFTs in their main Instagram feed, stories, or messages. Once they post a digital collectible, it will have a shimmer effect and can display public information, such as a description of the NFT.

    According to Meta, this expansion reflects its work to expand access to Web3 technology through NFTs and support creators who want to monetize their work and build a community with collectors and fans.

    “We understand that blockchain technology and NFTs raise important questions on sustainability,” the company stated in May during the initial NFT test launch. “Meta will help reduce the emissions impact that might be associated with the display of digital collectibles on Instagram by purchasing renewable energy.”

    This March, Zuckerberg revealed Meta is going to work on augmented reality NFTs, or 3D NFTs, that you can bring to Instagram Stories using the company’s software AR platform Spark AR. Now, the company said that it’s starting to allow people to display and share their digital collectibles as AR stickers in Instagram Stories.

    The company also announced the integration of crypto wallets named Coinbase Wallet and Dapper Wallet, which are now accepted as third-party wallets compatible for use. Instagram is also expanding its supported blockchains to include Flow.

    Following Meta’s announcement, FLOW has surged nearly 44% over the past day, according to CoinGecko. At the time of writing, FLOW is trading at $2.76 per token, with the latest price action bringing its 30-day rise to nearly 72%.

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