Meta Support to NFTs
Meta continues to push the NFT technology by its web 3.0 latest implementation plans , Meta wants to convert its platform and modules Like Instagram , WhatsApp and Meta to Web 3.0 Compatible as per
The world’s largest social media giant announced on Thursday that it will extend its digital collection feature that it recently tested on Instagram to include 100 countries from Africa, Asia-Pacific, the Middle East, and the Americas.
According to the announcement this feature will allow Instagram users use their NFTs to share with friends through the connection of their wallets with digital funds to the application. The initial launch will support Ethereum, Polygon, and Flow NFTs. In the future, Instagram plans to allow users to join Rainbow, MetaMask, Trust Wallet, Coinbase Wallet, and Dapper Wallet. The service will not have charges associated with it.
Meta is the name of the giant social network previously was known as Facebook was the first to show signs that it was preparing to adopt Web3 in month in October when it changed its name in an effort to assist in making the Metaverse expand. The company has invested the sum of $10 billion in its Metaverse division, Reality Labs, and added 1,000 employees in the last year however, it’s Web3 plans have been kept secret. The CEO of the company Mark Zuckerberg had previously discussed plans to offer support for NFTs and, in May, the company began an initial rollout to selected creators from the United States. Mark Zuckerberg said of the news in the moment:
“We’re not just building technology. We’re trying to also help foster this ecosystem, because at the end of the day, we’re not going to build most of the content – by a long shot. The vast majority of it is going to get created by creators in the ecosystem. And so I think a big part of what we need to do is really lean into all of the different ways that creators could make money.”
Meta is one of the prominent tech companies to display an interest in NFTs because they have grown in popularity, as have those like Twitter as well as Reddit. Yet, even as many companies are looking to adopt NFTs, NFTs can be controversial because many skeptical individuals have criticized the speculation-based character of market as well as the impact on the environment that Proof-of Work blockchains such as Ethereum which is where the bulk of NFTs are created currently. The co-founder of Ethereum Vitalik Buterin has also criticized Meta’s attempt to build the Metaverse but his criticism was centered around the vague notion of the Metaverse in itself. He stated in the last week that although he believed that the Metaverse will grow, companies such as Meta could “misfire” when trying to establish it, as it’s not specific concept of what people want to use it for.