Experts thumbs up Meta's move to support NFTs on Instagram

economictimes.indiatimes.com:

Meta, formerly known as Facebook, has taken another step ahead towards the creation of metaverse. The company recently announced rolling out NFT support for instagram. Despite widespread mainstream skepticism toward NFTs and crypto space, the world's largest social media company intends doubling down on the technology.

Meta would expand the digital collectible feature, piloted on Instagram to more than 100 countries from Africa, Asia-Pacific, the Middle East and American nations. The inventives will provide creators with more recognition on Instagram as they will be able to share their digital collectibles across social media and connect their digital wallets, said Taaran Chanana, MD and Co-Founder, MemeChat. «We are also driven to build an ecosystem that is both economically sustainable and progressive for content creators.

To recognize the true power of meme trends and give these creators a platform to make it happen,» he added. The new feature will let Instagram users share any NFTs they own by connecting their digital wallets to the app. The feature will have no associated fees.

The expansion initially supports Ethereum, Polygon, and Flow NFTs, and Instagram plans to let users connect to Rainbow, MetaMask, Trust Wallet, Coinbase Wallet, and Dapper Wallet. Vijay Pravin Maharajan, Founder & CEO, bitsCrunch said that the NFTs are in the news boom. «NFTs and Metaverse have led tech giants to raise millions of dollars to support it.» Users must link their digital wallets with Instagram to post their NFT collection and digital art.

Meta has made its plans clear about expanding the blockchain support. Instagram users can post their NFTs on their Instagram feed and share them with others. Users can automatically tag the