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Instagram NFTs Roll Out to 100 Countries – Dapper labs’ FLOW Token Jumps 46%

Instagram will be rolling out NFTs to over 100 countries within the next few weeks, and FLOW has risen 46% on the news that Instagram collectibles will be issued on their blockchain.

This news comes shortly after Meta announced that they would be making a foray into the NFT space with Instagram.  At the time, holders of MATIC were very excited by the partnership that Meta made with Polygon, but it now seems as though Meta has decided to launch their NFTs with Dapper Labs’ FLOW.

The service will allow users to connect their Web3 wallets (the most common being Metamask) and sign a transaction in order to showcase their NFT collection.

Is the world ready for NFTs on Instagram?

In late 2021, Twitter decided that they would be implementing NFTs into their platform, and that these would be shown as hexagonal profile pictures rather than circular. The feature on Twitter allows owners to verify that they are the true owner of a particular NFT.

The Twitter implementation was well-received by the NFT community, and many people showcased their Apes, Doodles, Azukis, and Punks in hexagonal profile pictures.  However, the majority of the community did not.  The reasons for this were manifold.

Firstly, Jack Dorsey (who had been CEO until just before the integration was announced) is a die-hard Bitcoin maximalist, and he turned many Twitter users away from NFTs.

Secondly, in order to showcase one’s NFTs, it is required to connect a wallet. As a Big Tech company, people were naturally reticent about signing transaction through Twitter, and didn’t feel as though they needed to anyway – by this stage the largest NFT influencers had already built their followings without broadcasting their wallet address to the world.

Thirdly, the overwhelming majority of the world is not interested in NFTs, since the industry is still so small.  As one would expect, this naturally resulted in those who did adopt hexagonal NFTs being roasted.

Instagram’s focuses on images is a perfect fit for NFTs

However, Instagram is a company that is far more focused on images than Twitter, and so NFTs may be a perfect fit.

Whilst many originally imagined that the implementation would take place in the form of changing uploaded photos into NFTs, it seems that Instagram’s approach will be different.  This makes sense – it would not be easy in terms of branding for Meta to explain to their hundreds of millions of users that none of their posts can be deleted or removed, and would damage the experience.

Instead, Instagram hopes to use NFTs to expand on the market that they are already the most successful

What happened to NFTs being launched using Polygon?

It appears that this partnership is still alive and well, and it could well be the case that Instagram wants to partner with several different blockchains in order to ensure that the user experience is as seamless as possible.  Polygon has encountered a lot of issues over the past few months and some of them, such as when the P2E game Sunflowers Farmers brought the chain to a halt, would have been extremely problematic for Instagram.

Anyone who has watched The Social Network will recall just how furious Mark Zuckerberg was when Eduardo Saverin threatened Facebook with a network outage. Zuckerberg will be extremely cautious about risking Meta’s reputation as a company with flawless operation by making faulty partnerships. It makes a lot more sense for Meta to partner with Flow as well as Polygon, and quite possibly even more blockchains until the market determines a clear victor.

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The post Instagram NFTs Roll Out to 100 Countries – Dapper labs’ FLOW Token Jumps 46% appeared first on Business 2 Community.

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Written by Jamie McNeill

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