Tuesday, November 29, 2022

META’s Instagram Will Support NFTs From Solana, Polygon

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META’s Instagram will support NFTs from Ethereum, Flow, and Solana and the social media platform will not charge the users for showcasing their crypto art so let’s read more about it in today’s latest cryptocurrency news.

NFTs from one of the most popular blockchain networks for crypto art are coming to Instagram with the announcement of a pilot as soon as Monday. The social media powerhouse owned by Meta is planning NFT integrations for ETH, Solana, Flow, and Polygon. The networks host the vast majority of the trading in digital collectibles with ETH and the Bored Apes leading the way in the market cap. The pilot will feature a smaller group of NFT aficionados based in the US and wasn’t immediately clear whether Instagram will support NFTs from the four chains at launch.

Instagram aims to support widely used crypto wallets like MetaMask and by plugging in their wallets users will be able to prove NFT ownership and showcase them on their profiles and tag the creators who made them. Instagram will not charge users for posting and sharing FNTs as Twitter did for hexagonal NFT profile pictures back in January. The decision spells a rush of new visibility for NFTs and Instagram has over a billion monthly active users and most of whom use the platform to promote and market their art. The Meta CEO Mark Zuckerberg tested the initiative in March without giving in more details. The Financial Times reported that MEta will follow up its NFT pilot on Instagram with minting and group membership options on FB.

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Meta Platforms Inc known as Facebook Inc posted the Q1 2022 earnings with the Metaverse-focused Reality labs division posting major losses. The Meta Reality Labs division spent increasing sums of capital on developing metaverse products but posted a $2.9 billion loss which is 61% more than the $1.8 billion loss in the first quarter of 2021. Overall Reality Lab’s revenue came in above the expectations and saw $695 million in revenue during the first quarter of the year from the sales of things such as virtual reality headsets and Meta Portal hardware.

In the earning call, the Meta CEO Mark Zuckerberg said the losses n the division are to be expected owing to the fact that Reality Labs is still focused on research and development for the series of software and hardware products like Project Cambria.

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