Finally, Meta has enabled NFT capability for all Facebook and Instagram users in the United States.
Access to NFTs has been widened on Facebook and Instagram. But parent firm Meta is cutting costs in the meanwhile.
Facebook Increases Access to NFT
NFT access is being widened by Meta.
All American Facebook and Instagram users may now link their digital wallets and distribute NFTs, or “digital collectibles,” over these platforms. Additionally, in the 100 nations where the feature is offered, all Instagram users will have access to NFT support.
Throughout the summer, Meta progressively released its NFT features. In May, the business gave early NFT support to Instagram, and in June, it gave assistance to Facebook. In August, the business started enabling cross-posting of NFT between the two social networking sites.
But up until now, the NFT capability has only been accessible to a small number of people. With 1.4 billion users on Instagram and over 2.9 billion on Facebook, today’s upgrade will significantly increase the reach of Meta’s NFT functionalities.
Flow, Polygon, and Ethereum are the three blockchains that Meta presently supports NFTs on. In the future, it also intends to provide compatibility for the Solana blockchain.
The announcement of today came as Meta declared that it will halt hiring and reorganize several units. Additionally, certain posts won’t be filled and team budgets will be cut.
The company’s revenue has been “flat to slightly down for the first time” in Meta’s 18-year history, according to CEO Mark Zuckerberg. By the end of 2023, the corporation will be “slightly smaller,” he continued.
Zuckerberg said that he had hoped for “more obviously stable” economic conditions at this point, but owing to the absence of such conditions, the business will now proceed cautiously.
Although Meta’s foray into Web3 is not its first, the company undoubtedly hopes that this effort will be more successful than some of its earlier ones. For example, the company has already abandoned its Diem stablecoin and Novi wallet, and its Horizon Worlds Metaverse has largely been met with ridicule and criticism.
Zuckerberg needs a triumph after turning his business toward Web3 a year ago, and perhaps digital collectibles can provide it.
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