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Meta Partnered With Coinbase

Meta Partnered With Coinbase & Dapper Labs to Support NFTs on Instagram

NFTs (Non-Fungible Tokens) are being used by more than 100 countries across the world. In a few months, many brands and celebrities have shown their interest in NFTs. The craze of NFTs is increasing among crypto users across the globe.

Now the Menlo Park, California-based parent company of Facebook, Meta has announced the integration of Coinbase and Dapper wallet along with Flow blockchain to support NFTs on Instagram. With this partnership, the NFT support is being increased to more than 100 countries including Africa, Asia-Pacific, the Middle East, and the United States for Instagram users.

Meta said they are working on providing support for Coinbase wallet connections from Coinbase Global Inc. and Dapper Labs. Dapper Labs is also the owner of Flow Blockchain and NBA Top Shot.

After this integration, Instagram users will be able to post the digital collectibles minted on the Flow blockchain. To share NFTs on Instagram users have to connect their digital wallet with Instagram, while sharing the creators and collectors will be tagged in NFTs.

After this announcement on 4th August 2022, Instagram now supports Rainbow, Coinbase, Dapper, Trust Wallet, and MetaMask wallets. Whereas supported blockchains are Ethereum, Polygon, and Flow. For this facility, Instagram does not charge any fee while posting NFTs.

What Meta Said its Announcement?

Meta rolled out an initial NFT profile test in May 2022. While this feature Meta said, “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 is also working on adding support for Dapper and Phantom wallet in the future along with Solana and Flow blockchains. Meta will also facilitate users to share NFTs as AR stickers in their stories.

Coinbase has also partnered with BlackRock to provide institutional clients access to cryptocurrencies including Bitcoin, Ethereum, and more.

Related Post: Coinbase Started Crypto Trading Facility With UPI In India

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