On May 10, 2022, Meta (formerly Facebook) disclosed its plan to expand its digital asset portfolio after reporting a significant loss in its Metaverse segment in Q2.
The Mark Zuckerberg-led company has started to expand its nonfungible token (NFT) program across 100 countries in Africa, the Asia-Pacific, the Middle East, and the Americas, according to a Meta press article published on Thursday.
The facilitation includes the ability to post digital collectibles created on the Flow blockchain as well as the addition of support for wallet connections with Coinbase Wallet and Dapper. The initial rollout is focused on the well-known social media platform Instagram.
According to the company’s amended statement, users simply need to link their digital wallet to Instagram in order to publish an NFT. As of Thursday, third-party wallet connections with Rainbow, MetaMask, Trust, Coinbase, and Dapper Wallet were either finished or would be soon.
The supported blockchains at the moment are Flow, Polygon, and Ethereum. Posting or sharing a digital collectible on Instagram is free of charge.
Flow is a layer-1 blockchain with its own FLOW currency serving as a tender for network participation, transactions, and governance. Warner Music, Ubisoft, the National Basketball Association, the Ultimate Fighting Championship, Animoca Brands, Circle, Binance, OpenSea, and now Meta are notable ecosystem partners.
Digital assets seem to have been linked along with the metaverse as one of the fundamental elements for Meta’s growth. The company’s revenue fell by 1% to $28.8 billion in the second quarter of 2022, while operating income plummeted by 32% to $8.36 billion during the same period.
CEO Mark Zuckerberg said he was unconcerned and that there was a possibility to generate “hundreds of billions” or even “trillions” of dollars as the industry develops despite the staggering $2.8 billion loss in the company’s Metaverse segment.