META - 2 Blockchains That Could Explode Thanks to Instagram's NFTs
Meta (NASDAQ: META) , the parent company behind Facebook and Instagram, announced last week that non-fungible tokens (NFTs) will be rolled out to Instagram users in over 100 countries across Africa, the Middle East, and Asia in coming weeks. NFTs, digital certificates of ownership of art, videos or other media, first made their appearance on Instagram in May to select users in the U.S.
The new feature will allow users to connect crypto wallets like MetaMask, Dapper Wallet, Coinbase Wallet, Rainbow, and Trust Wallet. Once a wallet is connected, users will be able to share their digital collectibles to show off to the world. NFTs shared on the platform will have a shimmer to them so they stand out from ordinary posts. In addition, there will be further information on the NFTs like the blockchain it was purchased from and the artist who created it. Meta has made it clear that its platforms will not be a marketplace but rather a site to share your recent purchases.
If you've followed news in the world of NFTs, you are likely aware that Ethereum dominates the space. However, competing blockchains continue to grab some share of the lucrative market -- and Instagram is helping to diversify this field. Not only will Ethereum (CRYPTO: ETH) NFTs be supported on the platform, but others like Polygon (CRYPTO: MATIC) and Flow (CRYPTO: FLOW) will join the list of compatible blockchains.
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2 Blockchains That Could Explode Thanks to Instagram's NFTs