Meta has announced plans to roll out NFTs in 100 more countries following successful testing with some creators in the United States.
Mark Zuckerberg has announced that Instagram is rolling out digital collectibles in 100 more countries following successful testing in the United States.
The CEO of Meta Platforms Inc (NASDAQ: META) is accelerating his company’s Web3 strategy despite the recent slowdown in market activity.
Non-fungible tokens (NFTs) are digital files representing music, video clips, artwork or collectibles stored on the blockchain. Use cases for non-fungible tokens have increased over the past 18 months amid rapid adoption in the mainstream.
They have become a crucial part of the blockchain-enabled gaming sector, as well as in the retail industry, where companies continue to launch utility-backed fitings (digital collectibles attached to real-life products, such as apparel and toys).
Meta wants to capitalize on the growing popularity of NFTs among the younger generation. Announcing the expanded offering on Metanewsroom, Meta’s official Twitter account, the company wrote:
“Mark Zuckerberg has announced that we’re bringing digital collectibles to 100 more countries. Now, more people, creators and businesses can showcase their #NFTs on @instagram.”
— Meta Newsroom (@MetaNewsroom) August 4, 2022
According to the announcement, Meta users will be able to purchase NFTs on Instagram using Coinbase Wallet and Dapper Wallet, per Flow.
Meta also revealed in June that it is testing the same NFT feature on Facebook, as it looks to bring digital collectibles to two of its most popular social media platforms.
Instagram reached 2 billion users in the third quarter of 2021, and is on track to surpass 2.5 billion by 2023, according to social media research and statistics platform Business of Apps. On the other hand, Facebook’s monthly active users reached 2.93 billion in April 2022.
Meta’s web3 strategy envisions a future where people use immersive 3D virtual spaces to communicate, socialize and entertain. The company invested $10 billion in the project last year after changing its name from Facebook to Meta.
Zuckerberg admitted in May that the company will continue to burn money to make its Metaverse strategy work, maintaining that some features may not work until technological advances reach the right level.
With NFTs, however, there is hope of tasting the first fruits of the company’s huge bet on the web3. And with billions of users to target, the rollout of digital collectibles in 100 countries could be the trigger for a rapid uptake of web3 users.
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