Updated on January 9, 2023 12:50 PM
Instagram users will soon be able to mint, exhibit, and sell digital collections powered by non-fungible tokens (NFTs) on Polygon, providing creators with a new approach to interacting and monetizing their fan networks.
Instagram's parent company, Meta, revealed today that the new capabilities would be tested with a limited group of artists in the United States first, to spread to additional users and nations shortly.
Instagram intends to incorporate a whole end-to-end toolbox that can be used for the entire process, from development, which will begin on the Polygon blockchain, to presenting and selling NFTs on and off the popular social media platform.
By late September, it expanded the offering to 100 nations and enabled everyone in the United States to connect their wallets, share their digital treasures, and automatically tag the creator and collector without paying any network costs on Facebook and Instagram.
The linked NFTs will appear in your feed with a shimmering look to signify legitimacy.
The most recent version will enable producers to create their digital collectibles and sell them on and off Instagram, providing them with an "end-to-end toolbox" for making, displaying, and selling NFTs.
It will first be tested among a select number of creators in the United States, including Amber Vittoria, Refik Anadol, Jason Seife, Dave Krugman, and others, on the Polygon blockchain.
"NFTs open new venues for artists to capture the economic value of their work and a way to transform their social capital into financial reward. Fans get an opportunity to support the creators they love by collecting and curating their work." 一 The Blockchain company stated in its blog post.
Along with adding support for the Phantom wallet and the Solana blockchain, Instagram will enable the display of video-based digital collectibles on its platform. Before this, the platform connected to wallets from third parties such as Rainbow, MetaMask, Trust Wallet, Coinbase Wallet, and Dapper Wallet, and it supported the Flow blockchains, Polygon and Ethereum.
According to Meta, there will be no costs for posting and sharing digital artifacts on Facebook or Instagram, and there won't be any further fees for selling digital collectibles until 2024. However, it was noted that relevant app store fees would be applied to digital collectible purchases made within the Instagram app for the Android and iOS operating systems.
Meta joins a long list of multinational corporations that have chosen Polygon as their entry point into Web3, including Robinhood and Stripe. Tens of thousands of decentralized apps running on the network—one of the greenest blockchains in use—are supported by a variety of Polygon solutions, including Aave, Uniswap, and OpenSea.