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100 countries benefit from this feature of encryption in Instagram and Facebook

 

Facebook and Instagram have expanded access to NFTs. Meanwhile, however, parent company Meta is making cuts.

Facebook Expands NFT Certification

As of today, Meta has expanded its adoption to use the NFT, all Facebook and Instagram users in the US can now connect their digital wallets and share non-fungible tokens (NFTs), or “collectible digital holdings.” Furthermore, dedicated technical support for NFT will be available to all Instagram users in the 100 countries where this feature is supported.

Meta gradually rolled out the features of its non-fungible NFT tokens over the course of this summer. The company added early NFT technical support to Instagram in May and then added support to Facebook in June. Then the company started allowing NFT to be rolled out between the two social media platforms in August.

However, only select users have been able to use the NFT feature until today. With over 2.9 billion users on Facebook and 1.4 billion users on Instagram, today's update will greatly expand the usability of Meta's NFT features.

Meta currently supports NFT tokens on three blockchains: Ethereum, Flow, and Polygon. It also plans to add support for Solana's blockchain in the future.

Today's news arrived as parent company Meta announced that it would freeze hiring and restructure some teams. It will also refrain from occupying some roles and reduce team budgets.

Mark Zuckerberg, Meta CEO, said the company's revenue has been "steady slightly down for the first time" in its 18 years of operation. He added that the company will be "somewhat smaller" by the end of 2023.

Zuckerberg also said he had hoped the economy would be "more clearly stable now", but that the company will now act conservatively due to the lack of such stability.

While the Meta feature for digital collectibles isn't its first foray into the world of Web3, the company is certainly hoping for more success than some of its previous efforts — it has already abandoned plans for its stablecoin Diem and Novi wallet, and plans for its Horizon Worlds Metaverse project have faced a lot of criticism. and irony. A year into directing his company into Web3, and with little to show yet, Zuckerberg needs to win something in the field, perhaps Digital Holdings and NFT will do so.

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