Social media platforms Instagram and Facebook have announced support for native Solana wallets. The move expands nonfungible token (NFT) compatibility across the networks. This caused the SOL price to bounce back by 4%.
On Nov. 3, Solana announced that the two social media platforms had integrated its NFT wallets. The rollout would be occurring on their respective mobile apps over the coming days, it added.
It also teased an NFT announcement over the next few days, but no details were shared.
Meta also made the announcement stating that users will be able to create and sell NFTs on Instagram. It said Ethereum layer-2 network Polygon was initially supported, but now Solana users can access NFTs with the Phantom wallet.
On Nov. 2, Meta stated that creators would be able to make their own digital collectibles on Instagram and sell them to fans. It added that the system was being tested with “a small group of creators in the U.S. first,” with hopes to expand later. Meta touted an “end-to-end toolkit” for creating, showing, and selling NFTs within the platform.
Additionally, the company has expanded the types of NFTs on the platform to include video. It has also included enriched metadata from OpenSea, which will be viewable on Instagram.
Company head of commerce and financial technology, Stephane Kasriel, said that Meta will not charge fees to create or sell digital collectibles until 2024.
With a mission to help creators monetize their creations, he added:
“We are exploring ways to integrate blockchain and digital assets across Meta technologies and make them easier for creators and people to use.”
The announcement to support Ethereum and Solana NFTs was initially made in May. In August, the Meta-owned platform announced the integration of Coinbase Wallet, Dapper Wallet, and Flow blockchain.
Solana (SOL) Price Reaction
The native Solana token SOL has rebounded slightly following the news, gaining a little over 4% since. SOL spiked to $32.72 a few hours ago after the Fed rate hike but fell sharply in the hours that followed.
At the time of press, SOL was trading at $32.02, gaining 2.6% over the past week. However, the coin is down a whopping 88% from its all-time high of $260 a year ago this week.
Solana’s ongoing reliability woes and network outages have caused this once “Ethereum killer” to drop out of favor among crypto investors.
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Source: https://beincrypto.com/solana-sol-price-rebounds-4-following-instagram-facebook-nft-wallet-support/