Meta Platforms (NASDAQ: META), the parent company of Facebook (NASDAQ:META) and Instagram, is updating plans for its launch of non-fungible tokens (NFTs).
What Happened: The Menlo Park, California-based company is increasing the rollout of NFT integration on the social media platform Instagram to more than 100 countries across Africa, Asia-Pacific, the Middle East, and the Americas.
Meta also announced it will support wallet connections with the Coinbase (NASDAQ:COIN) Wallet from Coinbase Global Inc (NASDAQ: COIN) and Dapper Labs, the owner of the Flow (CRYPTO: FLOW) blockchain and NBA Top Shot.
Users will have the ability to post digital collectibles minted on the Flow blockchain, according to the release. Users will connect a digital wallet and share the digital collectible. Creators and collectors will be tagged in the NFT.
With Thursday’s announcement, Instagram now supports Rainbow, MetaMask, Trust Wallet, Coinbase Wallet and Dapper Wallet.
Blockchains supported by Instagram are Ethereum (CRYPTO: ETH), Polygon (CRYPTO: MATIC) and Flow.
Instagram does not charge a fee for posting or sharing the NFTs on Instagram.
Previously, U.S. creators and collectors were able to share NFTs they created or bought on their Instagram.
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Why It’s Important: Meta Platforms rolled out an initial NFT profile test launch in May.
“With the incredible opportunity of blockchain technology, they can now leverage new tools to earn income, and fans can support their favorite creators by purchasing digital collectibles — art, images and videos, music or trading cards — as non-fungible tokens (NFTs),” the company said at the time.
The company announced in May that it expected to add Dapper and Phantom wallet integration in the future along with the addition of the Flow and Solana (CRYPTO: SOL) blockchains.
Meta also plans to allow users to share their NFTs as AR stickers in Instagram Stories.
With a rebrand to Meta Platforms and a focus on the growth of the metaverse, NFT integration for Instagram users could help the Mark Zuckerberg-led tech giant attract new users who want to show off their owned collectibles.
The integration with Coinbase Wallet comes as Coinbase confirmed a partnership with BlackRock (NYSE: NYSE:BLK). The partnership will see Coinbase providing institutional clients access to cryptocurrencies including Bitcoin (CRYPTO: BTC).
META, COIN Price Action: Meta shares are trading flat at $168.67 on Thursday.
Coinbase shares are up 16% to $93.51 at the time of writing after hitting an intraday high of $116.30 earlier in the day on the BlackRock news.
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