Instagram Develops an NFT Marketplace On Its App Using Polygon
Instagram Develops an NFT Marketplace On Its App Using Polygon.
According to parent company Meta, Instagram is developing a feature that will enable users to mint and sell NFTs through its app.
Users will be able to launch their own NFTs through Instagram with the upcoming “end-to-end toolkit” for NFTs.
“A small group of creators will soon be able to create digital collectibles (NFTs) and sell them right on Instagram,” said Stephane Kasriel, Meta’s Head of Commerce and Fintech.
Using Polygon for NFT Minting
Often called “digital collectibles,” NFTs are blockchain tokens that represent ownership over an asset, such as digital art.
For NFT minting, Instagram will use the Polygon blockchain, and the app will also pull NFT metadata from OpenSea so that Instagram users can view collection names and descriptions.
“Soon you’ll be able to make and sell #NFTs on @instagram, starting with @0xPolygon. You can also now connect to @solana and Phantom wallet, and see information about @opensea collection,” tweeted Meta.
Read More: Gamestop NFT Marketplace Goes Live on Immutable X
Soon you’ll be able to make and sell #NFTs on @instagram, starting with @0xPolygon. You can also now connect to @solana and Phantom wallet, and see information about @opensea collection: https://t.co/aH8035Tk8n
Comment your #NFT below 👇 pic.twitter.com/dvHau9n9Yu
— Meta (@Meta) November 2, 2022
As part of its announcement, Meta will roll out its new NFT features to selected groups of artists and content creators before opening them to the general public.
The new Instagram NFT features will be available early to creators such as photographer DrifterShoots, visual artist Ilse Valfré, and artist Amber Vittoria.
In a Twitter DM, Vittoria told Decrypt that she is thrilled to see Instagram continue to push into NFTs, saying “Meta and Instagram are consistently finding new and innovative ways to help creators support themselves and their art practice.”
The Strategy Matches with Meta’s Approach to Web3
Meta’s slow rollout strategy is consistent with its approach to Web3, back in May, it announced it would make wallet connections available to select creators so they could display their NFTs on their profiles on Facebook and Instagram.
As of today, Facebook and Instagram display NFTs on the Ethereum, Polygon, and Flow blockchains, allowing users to link their wallets to their accounts and display NFTs.
Meanwhile, Sandeep Nailwal, Co-founder Polygon said “The value added to the creator economy is unmatchable and championing verifiable digital ownership on a platform with such reach will help us further our goal of onboarding the next billion users to Web3.”
Read More: NFT Financing Firm NiftyApes Raise $4.2 Million with Participations from Coinbase Ventures
“without a doubt, this is a great advance for the adoption of cryptos and the daily use they can have, but for this you should also think about avalanche, imo it’s more efficient and useful…” One Twitter user said.
without a doubt, this is a great advance for the adoption of cryptos and the daily use they can have, but for this you should also think about avalanche, imo it's more efficient and useful…
— E. (@elliesdamn) November 3, 2022
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