Instagram’s NFT feature Digital Collectibles, launched in May this year, is gaining momentum for the right reasons. According to Meta, the parent company behind Instagram, the Digital Collectibles NFT service has been rolled over in 100 countries; good news for people who haven’t been able to access the feature since it launched.
With Instagram now supporting Dapper and Coinbase wallets, the company has expanded its supported wallet options. Before supporting Coinbase and Dapper wallets, Instagram only embraced wallets from MetaMask, Polygon, Rainbow, Flow, Trust Wallet, and Ethereum.
Unfortunately, as promised, Instagram hasn’t unveiled support for Solana and Phantom wallets. The reason may be because of the recent security breach experienced within the Solana ecosystem, which saw hackers make away with nearly $6 million worth of tokens. Unlike many NFT platforms, Instagram says it is offering unique propositions not seen with other NFT platforms. According to the company, its Digital Collectibles will provide new opportunities for artistic connections and monetization.
Further, the company has been highly praised for entering the NFT market. Many analysts believe that Instagram will easily take over the NFT market, especially since the firm reportedly has over 1 billion monthly active users. Instagram believes its NFT platform will become a global brand, especially for creators who can utilize it to market and promote their art.
Meta’s venture into the world of NFTs
It should be recalled that the social media giant began experimenting with Digital Collectibles in May 2022, starting with a small group of creators and collectors. During this period, the company included options for creators and collectors to share and purchase NFTs.
The company has also been experimenting with many virtual goods since it rebranded from Facebook to Meta. For instance, in June, the company kicked off its virtual fashion store, Meta Avatars. The company says its virtual fashion store will offer paid custom avatars across its social media apps, including Facebook, Messenger, and Instagram.