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Instagram to launch Polygon-backed NFT marketplace

Instagram to launch Polygon-backed NFT marketplace

Meta has announced that social media giant Instagram will launch a non-fungible token (NFT) market that will be backed by Polygon.

“Creators will soon be able to build their digital collections on Instagram and sell them to fans,” Meta announced in an updated blog post.

According to Meta, users will get an end-to-end toolkit on the Polygon blockchain. The kit will eventually include the build and display for sale.

Through this new feature, users can easily buy and sell NFTs within Instagram, eliminating other middlemen.

While the new feature is already available to a small number of users in the US, Meta said they will launch it full-scale in other countries. This move is towards Meta’s goal of expanding into the crypto ecosystem.

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According to Stefan Casarial, Meta’s Head of Commerce Fintech and Web3, Meta’s success in the crypto ecosystem requires tapping into a $100 billion worth of creator economy with greater portability than existing web services.

On September 29, Facebook and Instagram’s parent company Meta announced that Facebook and Instagram users in the US can now connect their wallets and share their digital collectibles.

Users of both platforms will be able to cross-post their proprietary digital collectibles and connect their respective wallets on Facebook and Instagram, the company said.

Meta has also announced that they will no longer charge maker fees in their digital collectibles marketplace until 202; Rather, the company is focusing on helping the creators earn a living.

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By the date mentioned, Meta plans to pay for blockchain-related gas costs out of its own pocket.

The company plans to make its non-NFT features on Instagram seamlessly accessible globally. It has added support for Coinbase and Dapper Wallet to complement its earlier integration with Rainbow, metamaskand Trust Wallet.

In addition to Instagram, a non-NFT trial on Facebook is also in development, with the NFT feature rolling out to some US creators in early July this year.

Since NFTs help in the creation of authentic intellectual property, it is one of the key drivers pushing the sector to a valuation of $97.6 billion by 2028, according to a report by Research & Markets.

Apart from Meta, other social media platforms including Twitter and Reddit are also taking their NFT drive to new heights.

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