Meta accelerates NFT integration on Instagram

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The social media giant has announced plans to roll out Instagram’s NFT integration in 100 more countries. Another step towards Web 3 for the American giant.

Use in 100 new countries

Meta, the company that owns Facebook and Instagram, announced Thursday Integration of Instagram NFT in 100 new countries. new step forward Web universe implementation strategy 3 by the American giant.

The regions affected by this expansion are the Americas, Asia-Pacific, the Middle East and Africa. To publish their NFT, users must firsthave a crypto wallet. Meta reminds that it supports Metamask, Rainbow, Trust wallet, Coinbase and soon also Dapper wallets.

Meta also announced the integration of the Flow blockchain developed by Dapper Labs, the company behind the NBA Top Shot and many other NFT hits such as CryptoKitties. Here’s how to view Instagram users your NFTs created through Flow. This new blockchain integrates networks Ethereum and Polygon are already supported.

This new move further demonstrates his desire to become a meta. protagonist of the Web 3 in the years to come. The change of name from Facebook to Meta last fall caused quite a stir and underlined the group’s strategy for the next few years.

For the failure of its Libra cryptocurrency project, later renamed Diem, Meta has done many jobs in the Web 3 sector, but not all of them have been successful. In fact, on the Novi Meta website it is stated that the service is managed by the digital wallet will close on 1 September 2022. and encourages users to withdraw their funds as soon as possible.

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In addition to integrating NFT into Instagram, Meta has recently the division of the Metaverse began development and research in this sector particularly promising direction. This highlights the willingness to continue to establish itself in Web 3 despite the setbacks mentioned above.

After years of crazy and record growth, The Meta faults hit this year 2022. Quarterly sales fell for the first time in the second quarter of 2022. The company’s net profit decreased by 36%, the first for the Californian group, the second for 6.7 billion dollars. The reasons are different, but bad economic situation the last few months is the main reason. Indeed, Advertisers are cutting the budget especially on social media. In addition, the Meta suffers from competition from newcomers, even mainly Tiktok enjoys impressive success especially in young people.

However, Meta still has a large audience with none other than 3.65 billion people who use Facebook, Instagram, Messenger or WhatsApp. But this year Facebook is losing users for the first time, and the news is particularly worrying for the financial markets. Since the beginning of the year inThe share price has halved leading to a significant drop in the band’s ratings.

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Another bad news losses recorded by a division of the Metaverse Group. Reality Labs actually suffered a $ 2.8 billion loss. Mark Zuckerberg wanted to reassure investors and markets that these losses are normal for now and that’s itThe Group will continue to invest heavily in this promising area.

Mark Zuckerberg, CEO of Facebook (Meta), says #metaverse is a huge opportunity that will unlock hundreds of billions of dollars, if not trillions, over time.

– Watcher.Guru (@WatcherGuru) July 28, 2022

Some observers have questioned the meta strategy of siding with development and execution. internal projects. Given the failure of Novi or Libra, some believe the company should do something instead. rely on specialized actors they already exist and benefit from experience in this area. However, this would correspond to a rather radical change in the DNA of a company accustomed to this internal development and this way of working.

To learn more about the difficult first months of the Metaverse split, check out our article here.

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