Last week, Meta reported a steeper than expected drop in revenue. Their shares fell 3.8% and projected a second straight quarterly decline in year-over-year sales.
Meta CEO Mark Zuckerberg just made an announcement that Instagram is expanding its NFT support on an international scale.
Both users and businesses from over 100 countries including Africa, Asia-Pacific, the Middle East and the Americas will be able to display their precious NFTs on Instagram.
The social media giant also announced that it added compatibility to Coinbase Wallet and Dapper Wallet. Furthermore, it also expanded its supported blockchains to include Flow blockchain.
Flow is a high-performance proof of stake blockchain designed for the next generation of apps, games and digital assets. Created by Dapper Labs, Flow is built to efficiently scale for billions of users.
Instagram currently supports connections with three blockchain networks: Ethereum, Polygon and Flow across five different third-party wallets: Rainbow, MetaMask, Trust Wallet, Coinbase Wallet, and Dapper Wallet.
Support for the Solana blockchain will be available soon and then other Meta products like Facebook will also start to support NFTs.
Although the NFT market is down this year, this integration will definitely boost mass adoption and we might see more traction in the NFT market.
[Editor’s Note: This article does not represent financial advice. Please do your own research before investing.]
Featured Image Credit: Chain Debrief