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Meta has announced an end-to-end toolkit that enables Instagram users to create NFTs on the Polygon (MATIC) blockchain and sell them on social media.
The move made MATIC one of the best performing digital assets in the last 24 hours, rising more than 10% to $0.95.
Announced on November 2nd, select creators in the US will be able to create digital collections that can be sold on and off Instagram.
The platform went on to say that users will now be able to showcase video NFTs, with metadata for specific collections, including descriptions and names, provided by OpenSea.
Meanwhile, Meta said it is expanding support for the Solana (SOL) blockchain and the popular Phantom Wallet. The company, headed by Mark Zuckerberg, already supports Ethereum, Polygon, and Flow blockchains.
1/ @Instagram & @Facebook Solana NFT support integrated!
in the Instagram app[]Go to[ ]Click to connect your Phantom wallet. The integration will roll out to all users over the next few days. Get ready to showcase your favorite NFTs! pic.twitter.com/H91C9khTmD
Solana (@solana) November 2, 2022
Commenting on the development, Stephane Kasriel, Head of Commerce and Financial Technology at Meta, said:
Meta will not charge fees for creating or selling digital collections until 2024 (although in-app purchases will still be subject to app store fees). are covered).
Polygon co-founder Sandeep Nailwal also welcomed the move, stating, “This is a notable milestone in the evolution of Instagram’s existing NFT capabilities and a natural next step in bringing Web3 into the mainstream.” It represents,” he said.
The Ethereum (ETH) Layer 2 network is making web2 companies an active participant in the blockchain industry. In the past 24 hours, JP Morgan used Polygon’s blockchain to execute his first DeFi transaction involving tokenized Singapore Dollars (TSD) and Japanese Yen.
The Layer 2 network recently powered Reddit’s collection of NFT collectible avatars, with over 3 million users joining the space. The network was also used by other global companies such as Stripe, Robinhood, Liverpool Football Club, Dolce & Gabbana and Adidas.
All of this contributed positively to the blockchain network’s third quarter performance. Polygon new addresses increased 180% quarter-over-quarter. Active addresses on the network also hit an all-time high of 6 million, with total transactions surpassing his 2 billion in Q3.
Data from CryptoSlate shows that MATIC is up more than 19% over the past 30 days.
