All US-based users of Instagram and Facebook can now display nonfungible tokens by connecting their crypto wallets on the platforms, according to a blog post by META, -3.67% on September 29.
This feature also includes the ability to cross-post NFTs across Facebook and Instagram. All users in 100 countries — including users in Africa, the Americas, the Middle East, and the Asia-Pacific region — where NFTs are already available on Instagram can also now access the feature, the blog post states.
Mark Zuckerberg first said NFTs would be coming to Instagram in March of 2022, and officially introduced them to the platform in May of this year. At the time, they were only available to a select number of users. In June, Zuckerberg included more creators and users in the test and launched a feature showcasing NFTs on Facebook to select US-based creators. In July, Meta expanded the feature to 100 countries.
Even though NFT trading volume has slumped 97% since the beginning of the year, the number of traders on popular platforms like OpenSea haven’t declined as sharply. In September there was only a 5% drop in number of NFT traders on OpenSea, according to DappRadar. Enthusiasm for NFTs has also been high among brands like Starbucks, Build-A-Bear, and luxury fashion companies like Tiffany’s that have launched NFT collections in recent weeks.
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Anushree Dave is a Crypto Reporter for MarketWatch.
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