On May 10, 2022, Mark Zuckerberg’s business disclosed its plan to expand its digital asset portfolio after reporting a significant loss in its Metaverse segment in Q2.
According to a Meta press article published on Thursday, the Mark Zuckerberg-led business has started to expand its nonfungible token (NFT) program across 100 countries in Africa, the Asia-Pacific, the Middle East, and the Americas. This includes the ability to upload digital collectibles created on the Flow blockchain and the addition of support for wallet connections with Coinbase Wallet and Dapper. The initial deployment is focused on the well-known social media platform Instagram.
To publish an NFT on Instagram, one merely has to link their digital wallet, according to the company’s revised article. As of Thursday, third-party wallet connections with Rainbow, MetaMask, Trust, Coinbase, and Dapper Wallet were either finished or will be short. The supported blockchains at the moment are Flow, Polygon, and Ethereum. Posting or sharing a digital collectible on Instagram is free of charge.
A layer-1 blockchain, Flow uses its own FLOW currency as payment for membership in the network, transactions, and governance. Warner Music, Ubisoft, the National Basketball Association, the Ultimate Fighting Championship, Animoca Brands, Circle, Binance, OpenSea, and Meta are notable ecosystem partners.
Digital assets seem to have joined the metaverse as one of the fundamental elements for Meta’s growth. The company’s sales declined 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 time. The company’s staggering $2.8 billion loss in its Metaverse segment, according to CEO Mark Zuckerberg, didn’t bother him because there was still a chance to generate “hundreds of billions” or perhaps “trillions” of dollars as the industry develops.
