Instagram, which is owned by Meta, is getting ready to test out features that would let users create, display, and even sell digital collections. The change, which is supported by non-fungible tokens (NFTs), would provide platform designers with a new method to interact with and make money from their fans.
According to Meta, a select set of US developers will test a variety of new features at first. If successful, it intends to quickly grow to more users and nations. Instagram wants to incorporate a complete end-to-end toolbox that can be utilized for the whole process.
The toolbox in issue, which will leverage the Polygon blockchain, is to be used from development to the ultimate objective of showing and selling NFTs.
Both on and off of the well-known social media platform, the technology will permit NFT commerce.
This action is a significant turning point in Instagram’s NFT functionality development and a logical next step in the adoption of Web 3.
Unmatched value is added to the creative economy, and promoting verified digital ownership on a platform with this much reach will help us achieve our objective of bringing the next billion people to Web3 faster.
This is not the first indication that Meta has intentions to add capabilities involving the distribution of NFTs. The platform made it possible for carefully chosen US inventors to exchange NFTs in May 2022. By September 2022, the feature will have been added to more than 100 nations globally.
NFTs are still gaining popularity.
Some of the initial excitement around the phenomena subsided once it became widely known in 2021. Long-term mainstream acceptance is still being encouraged by the business, though.
Reddit introduced “Vaults” in July 2022, an integrated digital wallet where users could save “Community points.” More than three million users created wallets on Reddit’s Vault blockchain in October. Of these, he said that 2.5 million had been made to buy NFT avatars for use as platform profile images.
Reddit also used Polygon’s Ethereum-compatible blockchain to mint its avatars. Reddit and Meta weren’t the only ones that made this choice.
The Web3 access points for the stock and cryptocurrency exchange site Robinhood and the payment processing platform Stripe are the Polygon blockchain.
BestBrokers’ analysis indicates that NFT trading had record interest in Q2 2022. It was discovered that compared to Q1, there were 9% more overall NFT transactions on the major markets. Additionally, it discovered that transactions had increased significantly from the prior year by 2,857%. The NFT market seems to be expanding despite the bad market in cryptocurrencies. For investors who were first interested in cryptocurrencies, the market has emerged as a different possibility.
In April, the blockchain scalability platform published a “green manifesto” to reduce its carbon impact.
In it, Polygon highlighted strategies for becoming carbon-neutral and disclosed a $20 million budget for different green projects. By going remote for this project, Polygon positioned itself as a startup that cares for the environment.