Instagram to Launch NFT Marketplace with Support from Polygon, Says Meta

Meta, the parent company of social media giant Facebook and Instagram, has announced that Instagram will soon introduce a marketplace for non-fungible tokens (NFTs) in collaboration with Polygon, a blockchain platform. This move is aimed at expanding Meta’s presence in the crypto ecosystem.

Empowering Creators with Digital Collectables

In an updated blog post, Meta revealed that creators will soon have the ability to create and sell their own digital collectables on Instagram. The marketplace, running on the Polygon blockchain, will provide users with an end-to-end toolkit for creating, showcasing, and selling NFTs.

By launching this feature, users will be able to easily buy and sell NFTs within Instagram, eliminating the need for intermediaries. This development aims to tap into the booming creator economy, which is valued at $100 billion, and provide greater portability for creators in the digital space.

Expanding Accessibility and Global Reach

Although this feature has been available to a limited number of users in the United States, Meta plans to roll it out in other countries soon. This strategic move is in line with Meta’s goal of greater global expansion in the crypto ecosystem.

Meta’s commerce fintech and web3 lead, Stephane Kasriel, emphasized that Meta’s success in the crypto ecosystem depends on leveraging the growing creator economy. This includes offering greater accessibility and portability beyond the current web services.

Integration with Facebook and Non-NFT Features

On September 29, Meta announced that users of both Facebook and Instagram in the US could connect their wallets and share their digital collectables across platforms. Users can now cross-post their digital collectables and connect their associated wallets on both social media platforms.

In addition to supporting NFTs, Meta plans to make its non-NFT features on Instagram accessible worldwide. The company has integrated with wallets such as Coinbase, Dapper, Rainbow, MetaMask, and Trust, enabling users to seamlessly access various functionalities.

Creator-Oriented Approach

Meta has stated that it will not charge creators fees in its digital collectables marketplace until 2022. Instead, the company is committed to helping creators earn a living. Until then, Meta will cover the blockchain-related gas costs from its own pocket.

NFTs as a Driving Force

The rise of NFTs is expected to have a significant impact on the sector’s valuation, with estimates suggesting it will reach $97.6 billion by 2028. NFTs provide a means to establish and authenticate intellectual property, contributing to their growing popularity. This trend has not gone unnoticed by other social media platforms, including Twitter and Reddit, who are also exploring NFT integration.

Overall, the upcoming NFT marketplace on Instagram, powered by Polygon, represents Meta’s commitment to embracing the crypto ecosystem and creating new opportunities for creators within their social media platforms.

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