Key Takeaways
- Beginning at the moment, all U.S.-based Fb customers can have entry to the social media platform’s NFT options.
- Moreover, all customers within the 100 international locations the place Instagram helps NFTs will acquire entry to the characteristic.
- Fb and Instagram father or mother firm Meta additionally introduced a hiring freeze and different cutbacks at the moment.
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Fb and Instagram have expanded entry to NFTs. In the meantime, nevertheless, father or mother firm Meta is making cutbacks.
Fb Expands NFT Entry
Meta is expanding NFT entry.
Starting at the moment, all Fb and Instagram customers within the U.S can now join their digital wallets and share NFTs, or “digital collectibles. Moreover, NFT assist will probably be out there to all customers on Instagram within the 100 international locations the place the characteristic is supported.
Meta regularly rolled out its NFT options over the course of this summer time. The corporate added early NFT assist to Instagram in Might and launched assist to Fb in June. The corporate then started to permit NFT to be cross-posted between the 2 social media platforms in August.
Nonetheless, solely choose customers have been ready to make use of the NFT characteristic till at the moment. With over 2.9 billion Fb customers and 1.4 billion Instagram customers, at the moment’s replace will drastically increase the attain of Meta’s NFT options.
Meta at present helps NFTs on three blockchains: Ethereum, Stream, and Polygon. It additionally plans so as to add assist for the Solana blockchain sooner or later.
Immediately’s information arrived as Meta introduced that it will freeze hiring and restructure some groups. It would additionally chorus from filling some roles and cut back staff budgets.
Meta CEO Mark Zuckerberg stated the corporate’s income has been “flat to barely down for the primary time” in its 18 years of operation. He added that the corporate will probably be “considerably smaller” by the top of 2023.
Zuckerberg additionally stated that he had hoped that the economic system can be “extra clearly stabilized by now,” however that the corporate will now act conservatively because of a scarcity of such stability.
Whereas Meta’s digital collectible characteristic isn’t its first foray into Web3, the corporate is unquestionably hoping for higher success than that of a few of its previous efforts—it has already deserted its Diem stablecoin and Novi pockets, and its Horizon Worlds Metaverse has largely been met with criticism and mock. A 12 months after pivoting his firm towards Web3 and with little to indicate to date, Zuckerberg wants a win—maybe digital collectibles will ship.
Disclosure: On the time of writing, the writer of this piece owned BTC, ETH, and different cryptocurrencies.
