Cryptocurrency Winter; all about it
18.06.2022
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For a long time, so many people have had the let's wait and see attitude…
Zuckerberg’s Meta at it again; rolls out Instagram NFT Feature
The mention of Mark Zuckerberg’s name rings in mind his revolutionary works that have greatly redefined ICT. This is a man who managed to create Meta with a bang and caught so many wondering his intentions. Just before dust settles, Zuckerberg is at it again by supporting NTFs expansion on Instagram. He has proven to be so amenable and a typical man unrelentingly on a mission.
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On 4th August 2022, Mark Zuckerberg announced that the firm will commence international NTF support expansion on Instagram. The expansion is after the first NFT support test that was conducted in May. Through the expansion, about 100 nations in America, Africa, the Middle East, and the Asia Pacific will share their NFTs on Instagram. It is a great step since initially, the support was just available for some creators in the United States.
Non Fungible Token (NFT) Functionality on Instagram
The NFT functionality in Instagram gives the users the chance of connecting a digital wallet. Apart from that, it enables them to automatically tag a collector and creator for credit and share NFTs. Through this, you can also share the NFTs in your main Instagram messages, stories, and Feed. The launch is a good step as Meta is adopting NFT and Instagram has a huge following. Therefore, after posting a digital collectible, it can display public information and have a shimmering impact. An example of information that may be displayed is the NFT description.
Furthermore, Meta is working towards growing NFTs popularity among the GenZ. The company is launching its digital collectibles. Through the launch, now, more businesses, creators, and people can showcase their NFTs on Meta’s Instagram platform. The announcement was made on its official social media platforms including Twitter and Facebook.
According to Meta, the expansion reflects the firm’s work of expanding to web3 technology through NFTs. Also, it is working towards supporting its creators who want to monetize their work. This is like a motivation. Besides, Meta is building a community with its collectors and fans. Even though NFTs and blockchain technology is raising sustainability questions, Meta will assist in reducing the impact of emissions. The influence can be linked to digital collectibles displayed on Instagram through buying renewable.
Meta Support on NFTs
Although people are skeptical about NFTs, Meta is taking the bold step of launching them. On Thursday. 4th August 20222 announced that it will expand its digital collectible feature. According to the announcement, the feature will enable Instagram users that they own by connecting their digital wallets to the application. Initially, the expansion supported Flow NFTs, Polygon, and Ethereum. However, after the new announcement, the application has plans of letting users connect to Dapper Wallet, Coinbase Wallet, Trust Wallet, MetaMask, and Rainbow. Do you know the good thing about the feature? No associated fees will be charged. Is that not good for a user of NFT?
Twitter was the first social platform to use NFT. Therefore, Meta showed interest after Reddit and Twitter took the initial step. Even though the NFTs have proven to be divisive, it has been criticized for their environmental influence and the market’s speculative nature. On the issue, a blockchain like Ethereum where most of the NFTs are minted still uses Proof of Work.
Even with the launching of NFTs, Vitalik Buterin, the co-founder of Ethereum slammed the issue of developing Metaverse. According to him, although Metaverse would grow, Meta would misfire in working towards building it. The reason is that there is no clear understanding of why people want to use it.
