CRYPTO NEWS

Meta expands its NFT support on Instagram to 100 more countries

  • The recent expansion of NFT functionality will allow Instagram users to share their digital collectibles on the Instagram feed, in stories, and in messages.
  • Instagram is offering support to third-party wallets such as MetaMask, Rainbow, Coinbase Wallet, Trust Wallet, and Dapper Wallet.

On Thursday, August 4, Meta (NASDAQ: META) chief Mark Zuckerberg made an important announcement about expanding the support for non-fungible tokens (NFTs) on Instagram to 100 more countries.

The Facebook-parent firm has been working on introducing the NFT support since the start of 2022. Earlier this year in May 2022, Instagram started the initial test for NFT support. The latest expansion means users and businesses in more than 100 countries will be able to share their NFTs on Instagram. This includes countries across the Americas, Asia-Pacific, Africa, and the Middle East.

Meta has also partnered with Ethereum Layer-2 scalability platform Polygon to power the NFTs on Instagram. During its May test launch, the company said:

We understand that blockchain technology and NFTs raise important questions on sustainability. Meta will help reduce the emissions impact that might be associated with the display of digital collectibles on Instagram by purchasing renewable energy.

Instagram’s NFT Functionality

The NFT functionality on Instagram allows users to connect a digital wallet, share NFTs and automatically tag the creator as well as the collector for attribution. Users can share their NFTs through their Instagram feed, stories, and messages.

Upon sharing the NFTs, it will have a shimmer effect to display public information along with a description of the NFT. However, to post a digital collectible on Instagram, users first need to connect their digital wallets. As of date, Instagram is offering support to third-party wallets such as MetaMask, Rainbow, Coinbase Wallet, Trust Wallet, and Dapper Wallet.

Some of the supported blockchain networks for the NFT functionality on Instagram include Polygon, Ethereum, and Flow. Instagram has further clarified that there will be no fees associated with posting and sharing NFTs and digital collectibles to Instagram.

On Thursday, Meta said that the recent move will help the firm expand user access to Web 3 technology via NFTs. It will also help creators looking to monetize their work and build a community of fans and collectors.

More features planned for Instagram

In June 2022, Meta launched new monetization tools for creators on FB and Instagram. Back then, company chief Mark Zuckerberg said that Meta will be working on NFTs, and 3D NFTs, and bring them to Instagram Stories via their own native augmented reality platform SparkAR.

On Thursday, the company announced that users can display and share their NFTs as AR stickers in Instagram stories. Along with Instagram, other social media giants including Twitter have been testing the NFT expansion functionality on their platforms.Ā Furthermore, YouTube is also looking to embrace NFTs in the future.

Der Beitrag Meta expands its NFT support on Instagram to 100 more countries erschien zuerst auf Crypto News Flash.

Ripple, SBI Remit Join Hands to Enable Real-Time Payments Between Japan and ThailandĀ Ā 

Japanā€™s SBI Remit will use RippleNet Technology to enable instant money transfers between Japan and Thailand. The new partnership also brings Thailandā€™s Siam Commercial Bank (SCB) on board, RippleĀ saidĀ in a PR on Tuesday. Japan-Thai Remittance Service As part of the arrangement, both SBI Remit and SCB will use Rippleā€™s enterprise blockchain solution RippleNet to process::Listen

Japanā€™s SBI Remit will use RippleNet Technology to enable instant money transfers between Japan and Thailand.

The new partnership also brings Thailandā€™s Siam Commercial Bank (SCB) on board, RippleĀ saidĀ in a PR on Tuesday.

Japan-Thai Remittance Service

As part of the arrangement, both SBI Remit and SCB will use Rippleā€™s enterprise blockchain solution RippleNet to process real-time remittance services. Right now, Thai recipients use local agents to retrieve cash sent by their relatives in Japan.

ā€œThis makes it possible for 47,000 Thai nationals living in Japan to send money home faster. SBI Remitā€™s customers can use ATMs to instantly send money in JPY to a recipientā€™s SCB savings account in Thailand and receive funds in THB within seconds,ā€ Ripple said in its PR.

Progressive Regulation in APAC

Announcing the news of the new partnership onĀ Twitter, Ripple underlined progressive crypto regulation and business innovations in Asia-Pacific as significant contributors to the growth of the company in this market.

ā€œIt is our duty to continuously search for superior technological solutions to deliver ever improving remittance services for our customers. With the steady rise of remittance flows, we see Ripple helping us open up new revenue potential for our business and a better overall experience for our customers,ā€ Nobuo Ando, Representative Director at SBI Remit, said on the development.Ā 

AĀ report published by Ripple a few days ago said 76% of financial institutions and 71% of businesses will start using blockchain and cryptocurrencies by 2025.Ā 

Ripple Forging New Partnerships

Last month, Ripple and Singapore-based Fintech FOMO Pay announced aĀ partnership that paved the way for the latter to use Rippleā€™s On Demand Liquidity (ODL) technology to provide low-cost and real-time cross-border payments to its customers in US dollars (USD) and euros (EUR). FOMO Pay is among the top digital payment processing companies in Southeast Asia.Ā 

Early last month, Ripple launchedĀ CBDC Innovate, a hackathon with $197,000 in prize money, aimed at encouraging technologies for CBDC interoperability and financial inclusion. As part of the contest, developers were asked to build applications that run on XRP Ledger (XRPL), Rippleā€™s open-source blockchain.Ā 

The post Ripple, SBI Remit Join Hands to Enable Real-Time Payments Between Japan and ThailandĀ Ā  appeared first on CryptoPotato.

Meta expands its NFT support on Instagram to 100 more countries

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