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Facebook and Instagram users can now connect digital wallets

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Facebook Hires UK Bank Lobbyist Ed Bowles
Facebook Hires UK Bank Lobbyist Ed Bowles

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Meta has announced a new feature for Facebook and Instagram users. The new feature will aid Facebook and Instagram users share virtual collectibles and NFTs. According to the company, the new feature is now available for the 2.9 billion subscribers of the two social platforms. 

Meanwhile, the latest unveiling comes after Meta unveiled a feature around August 4, 2022. Then, the firm disclosed how Instagram subscribers across 100 countries would be allowed to upload their virtual collectibles. However, the firm divulged that the feature is limited to collections minted on the Flow blockchain. Also, in the same announcement,  wallets supported by Polygon or Ethereum blockchains connected to their Instagram accounts can also post virtual collections. 

According to the estimation by Meta, in the second quarter of 2022, Instagram will have about 1 or 2 billion subscribers. While speaking on the latest development, Meta said that the newest feature would allow users to connect their virtual wallets to their Facebook or Instagram accounts. In the statement, Meta said, “As we continue rolling digital collectibles on Facebook and Instagram, we’ve started giving people the ability to post digital collectives that they own across both Facebook and Instagram.” 

The connection of digital wallets to Facebook and Instagram is limited to apps

However, there are indications that the feature to connect digital wallets to Facebook and Instagram is limited to the applications alone. This implies that the feature isn’t available through third-party browsers like Opera Mini, Firefox, and others. It’s imperative to note that the latest addition highlights how Meta is advancing towards embracing NFTs and Virtual collectibles. From a positive angle for Meta, the new inclusion would result in a massive revenue surge for the firm.

Meta is advancing well in its journey into the virtual assets sector. In May 2022, Meta submitted applications for its brand to be utilized in a payment outlet identified as Meta Pay. The firm made this submission before the United States Patent and Trademark Office. 

The progress on the payment platform remains unknown at the moment. Yet, one thing remains evident. Meta doesn’t seem like one that will back out from its embracement of the digital assets sector despite recording setbacks in the past.

Around February of this year, Meta suffered a significant setback on its stablecoin project. Meta gave up on the project after receiving backlash from regulators. Despite the setback, the CEO of Meta, Mark Zuckerberg, remains adamant about moving closer to the virtual asset industry. The CEO disclosed at a time that there is a huge opportunity to rack up trillions of dollars from the virtual asset sector as it grows.


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