Instagram to power NFT marketplace powered by Polygon

Meta has announced that social media giant Instagram will introduce a marketplace for non-fungible tokens (NFTs) that will be powered by Polygon.

“Creators will soon be able to create their own digital collectibles on Instagram and sell them to fans, both on and off Instagram,” Meta Announce In an updated blog post.

According to Meta, users will get a comprehensive toolkit starting with the Polygon blockchain. The collection will be built and eventually offered for sale.

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

Although this new feature was already available to a small number of users in the United States, Meta said it would launch it widely in other countries. The move aims to achieve Meta's goal of expanding into the cryptocurrency ecosystem.

According to Meta's fintech and web3 Driving Stefan Kasrel, Meta's success in the cryptocurrency ecosystem requires tapping into the $100 billion creator economy with greater portability than the current web service.

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

The company said that users of both systems will be able to publish the digital collectibles they own and link their linked wallets on Facebook and Instagram.

Meta also announced that it will not charge creators on its digital collectibles marketplace until 202; Instead, the company focuses on helping creatives make a living.

As of the aforementioned date, Meta planned to pay blockchain-related gas costs from its own funds.

The company also plans to make its non-NFT features on Instagram readily available globally. It has added support for Coinbase and Dapper wallets to complement previous integrations with Rainbow, metamaskAnd the governor of trust.

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

Since NFTs help build real-world intellectual property, this is one of the key drivers expected to push the sector to a valuation of $97.6 billion by 2028, according to a report by Research and Markets.

Along with Meta, other social media platforms, including Twitter and Reddit, are taking their NFT engines to new heights.

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