Despite the fact that Meta abandoned its plan to issue its own stablecoin in February after encountering resistance from regulators worldwide, CEO Mark Zuckerberg said there was ‘enormous potential’ in the digital asset market as it expanded. Meta’s revenue fell 1% from the previous year in the second quarter of 2022.
Users of Facebook and Instagram can post NFTs and digital collectibles to their accounts by linking their wallets.
According to Meta’s May 10 post, Facebook’s parent company, Meta, will enable 2.9 billion users to post digital collectibles and NFTs in a Monday update. Furthermore, Meta stated in an Aug. 4 post that Instagram users across 100 countries would be able to post digital collectibles born on the Flow blockchain or Ethereum or Polygon blockchains to their accounts. As of Q2 2022, around 1-2 billion users were estimated to have an account on the app.
Meta said that people have started posting digital collectibles that they own across both Facebook and Instagram. “As we continue rolling out digital collectibles on Facebook and Instagram, we’ve begun giving people the ability to post their digital collectibles,” he said. “This will allow people to connect their digital wallets to either app in order to share them with both.”
Digital collectibles can now be shared across Facebook and Instagram. Which NFTs are you eager to share? Meta Newsroom (@MetaNewsroom) August 29, 2022
While Meta’s apps seem to be limited to connecting digital wallets to Facebook or Instagram, expanding NFT reach to every smartphone with an installed Meta app might result in additional revenue or adoption for the social media company. In May, Meta also applied for a United States Patent and Trademark Office for its name to be used in a crypto payments platform called Meta Pay.
The FTC has filed a lawsuit against Meta for attempting to monopolize the metaverse.
Despite facing regulatory pushback in February, Meta abandoned its plan to launch its own stablecoin. CEO Mark Zuckerberg said that ‘there is massive opportunity to make up to trillions of dollars in digital asset value as they grow.’ The company had a 1% year-over-year revenue decline in Q2 of 2022.