Meta announced that social media giant Instagram will launch a non-fungible token (NFT) marketplace that will operate with support from 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 announced in an updated blog post.
According to Meta, users will receive a comprehensive set of tools, starting with the Polygon blockchain. The kit will involve creating, presenting and ultimately selling.
With this recent feature, users can easily buy and sell NFTs on Instagram, cutting out other people in the middle.
While this recent feature is already available to a compact number of users in the US, Meta said it will roll it out full-scale in other countries. This move is aimed at achieving Meta’s goal of expanding into the crypto ecosystem.
According to Meta’s commerce fintech and web3 Lead Stephane Kasriel, Meta’s success in the crypto ecosystem requires leveraging 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 connect their wallets and share their digital collectibles.
The company said that users of both platforms will be able to post digital collectibles they own and connect their associated wallets on Facebook and Instagram.
Meta also announced that it will not charge creator fees on its digital collectibles marketplace until 2020; rather, the company focuses on helping creators make a living.
Until the mentioned date, Meta planned to cover the gas costs related to the blockchain from its own pocket.
The company also plans to provide seamless access to non-NFT features on Instagram globally. Added support for Coinbase and Dapper wallets to complement previous Rainbow integrations. MetaMaskand Trust portfolios.
In addition to Instagram, a non-NFT test is also in the works for Facebook, with the NFT feature rolling out to certain creators in the US in early July this year.
Since NFTs facilitate build legitimate intellectual property, according to a report by Research and Markets, this is one of the key factors that is estimated to push the sector to a valuation of $97.6 billion by 2028.
In addition to Meta, other social media platforms including Twitter and Reddit are also taking their NFTs to the next level.
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