Instagram expands NFT platform to 100 countries

Instagram’s platform for non-fungible tokens (NFT), which the firm is calling “digital collectibles,” is now available in 100 countries, the Facebook parent Meta-backed social media giant said.

Fast facts

• With support for Coinbase and Dapper wallets added, Instagram now supports wallets from Rainbow, MetaMask and Trust Wallet as well as three blockchains, Ethereum, Polygon, and Flow.

• The expansion doesn’t include the blockchain Solana and Phantom wallet as promised in May. The two are in the whirl of a massive exploit this week.

• Instagram said the “digital collectibles” will open new pathways for artistic connections and monetization.

• Instagram has over 1 billion monthly active users, with plenty of creators using the platform to promote and market their art.

• In May, Instagram started testing digital collectibles with some creators and collectors, including options to share and purchase NFTs.
• Meta is expanding on virtual goods, as it launched virtual fashion store Meta Avatars in June, offering paid custom avatars for its social media apps, including Instagram, Facebook, and Messenger.