According to their blog, Instagram, the free online video and photo-sharing application has expanded digital collectibles on the platform. In May 2022 Instagram allowed creators and collectors to showcase their NFTs on Instagram. This includes connecting a digital wallet, sharing digital collectibles, and automatic tagging of both the creator and collector. For more on what this includes, please check out Instagram's blog post. Their goal is to make the NFT space more inclusive to all communities.
Furthermore, Instagram's support for digital wallets increased as they now support connections with wallets such as MetaMask, TrustWallet, Coinbase Wallet, Dapper Wallet, and Rainbow. It is also worth mentioning that the ability to post digital collectibles minted on the Flow blockchain is supported. This same feature has now been expanded to more people. As of the 4th of August 2022, Instagram started an international expansion to 100 countries. These countries are in the Middle East, Africa, Asia-Pacific, and the Americas.
Prior to this announcement, it was reported in Meta's Metaverse Division a loss of $2.8 Billion in Q2. Despite these losses, it is interesting to see the race in the metaverse right now. Prior to Instagram, Twitter had launched a feature where Twitter users could set their NFTs as profile pictures. News like these definitely keeps us bullish on NFTs don't you think?