Meta has announced support for native Solana wallets for Instagram and Facebook. Users of the platform will soon be able to not only hold and trade Solana NFTs, but also create them. As a result of this news, the SOL price increased by 4%.
On November 3, Solana announced the integration of its NFT wallet on the two social media platforms. The launch will take place in the respective mobile apps in the coming days, it said.
The team also announced new NFTs, but gave no details.
According to Meta, users will even be able to create and sell their own digital collectibles after the wallet integration. Until recently, only the Ethereum Layer 2 (L2) network Polygon was supported, but soon it should also be possible to access Solana NFTs.
On November 2, Meta announced that users can do this create their own NFTs on Instagram and sell them to those interested. The system is first being tested with a small group of artists in the US and it is hoped to be able to expand it later. Related to this, Meta also announced an end-to-end toolkit for creating, displaying and selling NFTs on the platform.
In addition, the company has now expanded the NFT range on the platform with videos. Moreover, even the metadata collected by OpenSea will be visible on Instagram.
Stéphane Kasriel, head of the company’s trading and financial technology division, said: Meta will not charge for creating or selling digital collectibles until 2024.
The company also aims to help creators of NFTs monetize their creations:
We explore ways to integrate blockchain and digital assets into metatechnologies and make them easier to use for creators and users.
Stephane Kasriel
The announcement to support Ethereum and Solana NFTs was originally made in May. Finally, in August, the platform announced the integration of Coinbase Wallet, Dapper Wallet, and Flow Blockchain.
SOL price reaction
Native Solana token SOL recovered slightly after this news and has since risen just over 4%. After the Federal Reserve’s rate hike yesterday, SOL reached a price of $32.72, but fell sharply in the hours that followed.
The price is currently hovering around $32 after gaining 2.6% over the past week. However, since its all-time high in November 2021, the coin has fallen by a whopping 88%.
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