One needs to simply connect their digital wallet to Instagram to post an NFT, the company said in its updated post. Third-party wallet integrations with Rainbow, MetaMask, Trust Wallet, Coinbase Wallet and Dapper Wallet are either complete as of Thursday or are coming soon. Supported blockchains at this time are Ethereum, Polygon and Flow. There are no fees associated with posting or sharing a digital collectible on Instagram.
— Meta Newsroom (@MetaNewsroom) August 4, 2022
Flow is a layer-1 blockchain with its namesake FLOW token acting as tender for network participation, transactions and governance. Notable ecosystem partners include Warner Music, Ubisoft, National Basketball Association, Ultimate Fighting Championship, Animoca Brands, Circle, Binance, OpenSea and now Meta.
Related: FTC files lawsuit against Meta over attempted monopolization of metaverse
Along with the metaverse, digital assets appear to have become one of Meta’s core components for expansion. During the second quarter of 2022, the company’s revenue fell 1% year over year to $28.8 billion while its operating income decreased by 32% to $8.36 billion in the same period. CEO Mark Zuckerberg said he was unfazed by the whopping $2.8 billion loss in the company’s Metaverse division, and that instead there was an opportunity to make “hundreds of billions,” or even “trillions,” of dollars as the sector matures.