Instagram is running Polygon-backed NFT marketplace

Instagram announced on Thursday that users would shortly be able to mint digital tokens on the network. It developed its own marketplace as well, and empowered users by allowing them to sell their own NFTs.

Initially, Instagram will just allow a subset of its users to sell NFTs through its app; Nevertheless, the social media giant will shortly grant entry to its newly released NFT marketplace to all its users.

JUST IN: Meta announces support for buying and selling #Polygon NFTs on Instagram.

— Watcher.Guru (@WatcherGuru) November 2, 2022

Besides, Instagram will release a new toolkit to help users navigate its newly created marketplace to mint and sell NFTs to NFT fans. The platform cooperated with Polygon to enable its users to mint NFTs with minimal effort.

Shortly, creators will be able to sell digital items to fans on and off Instagram. They will have a full set of tools, from creation (starting on the Polygon blockchain) via displaying and selling. The release emphasized that users could back their favorite creators by buying digital collectibles from Instagram.

.@Meta has selected @0xpolygon for minting digital collectables

For the 1st time ever, @Meta is empowering creators to mint & sell @0xpolygon powered digital collectibles on & off @instagram pic.twitter.com/1QmXt8rt4E

— Polygon – MATIC (@0xPolygon) November 2, 2022

Based on the release, meta is also expanding the variety of digital treasures which can be shared through Instagram. In addition, It adds support for the Solana blockchain and Phantom wallet. The names and descriptions of featured series’ whose metadata has been enhanced by OpenSea will currently be accessible on Instagram.

Despite the slow growth of NFTs in 2022, meta continues to experiment in the crypto and NFT industries. The company lately released its report for the second quarter, which revealed a massive loss of $3.7 billion. Mark Zuckerberg, CEO of Meta, is optimistic that his company will recover shortly, given its latest investments in the Instagram reels and artificial intelligence industries.

“It was encouraging to see a positive trajectory in our engagement patterns in the current quarter, driven by products as Reels and our investments in artificial intelligence,” said Mark Zuckerberg, Meta’s founder and CEO. Mark Zuckerberg added, “We are putting increased energy and concentrate around our key company priorities, which unlock near-term & long-term chances for Meta and the people and businesses which use our services.”

Latest NFT News, Trendings and Tutorials, right at your inbox, every Monday

The post Instagram is running Polygon-backed NFT marketplace appeared first on NFT News Pro.

Related Posts

Bitcoin ‘millionaire’ wallets drop 80% in year of BTC price bear market

Twelve months after Bitcoin’s last all-time high, seven-figure BTC balances have taken a hit. Bitcoin (BTC) millionaires are becoming an increasingly rare breed as numbers fall 80%…

Despite 2 Entities Holding 73% of the FTX Token Supply, FTT Price Still Holds Above $1 per Unit

While a large fraction of crypto assets dropped a great deal in value during the past few weeks and bitcoin is down 18.2% in 30 days, the…

Dogecoin, Solana, XRP Lead Post-Thanksgiving Gains as Bearish Sentiment Wanes

DOGE is up by a double-digit, while XRP has gained by 7% in the last seven days. The overall crypto market valuation is up as tokens recover…

Top 5 Most Expensive BAYC NFTs Ever Sold

The NFT landscape has become a flourishing ecosystem enabling creators to embark remarkable NFTs to marketplaces worldwide. One such creator is Yuga Labs, the brain behind the Bored…

Russia President Putin Calls For Blockchain-based International Payment System

Russian President Vladimir Putin said there is a need for a new and independent international settlement system amidst the sanctions and restrictions placed on his country. President…

Putin calls for blockchain-based international payment system

The Russian President criticized Western’s sanctions and urged for a system “independent of external interference”. Russian President Vladimir Putin criticized monopoly in global financial payment systems and…

Generated by Feedzy