Instagram Set to Launch NFT Marketplace with Polygon Support
Meta Platforms, the parent company of Instagram and Facebook, has announced plans to launch a non-fungible tokens (NFTs) marketplace for Instagram, highlighting a collaborative effort with the Polygon blockchain.
In an updated blog post, Meta stated, “Creators will soon be able to make their own digital collectables on Instagram and sell them to fans, both on and off Instagram.” This anticipated functionality is poised to empower content creators by allowing them to directly monetize their digital art and collectibles.
With this new initiative, users will have access to an end-to-end toolkit on the Polygon blockchain. This toolkit will enable creators to create, showcase, and ultimately sell their NFTs efficiently and without the need for intermediaries.
The NFT feature is currently being trialed among a select group of users in the United States, with plans for a broader rollout in other international markets. This move aligns with Meta’s strategy to consolidate its foothold in the burgeoning crypto ecosystem.
Stephane Kasriel, who leads Meta’s commerce fintech and Web3 efforts, emphasized that success in the cryptocurrency landscape hinges on tapping into the expansive creator economy, valued at approximately $100 billion. He noted that enhancing the portability of digital assets compared to existing web services would be essential.
On September 29, the company announced that users of both Facebook and Instagram in the U.S. can now link their crypto wallets and share their digital collectibles across both platforms. This cross-posting feature will allow for enhanced visibility and accessibility of users’ NFT collections.
Significantly, Meta has decided not to charge creators any fees for selling digital collectibles until 2024, demonstrating a commitment to supporting creators in establishing profitable ventures. Until that date, Meta will absorb blockchain-related gas fees incurred by creators.
The company’s efforts to expand NFT capabilities will also include making non-NFT features accessible worldwide, with support for popular crypto wallets such as Coinbase and Dapper integrated into the platform, alongside previously established links to wallets like Rainbow, MetaMask, and Trust Wallet.
In addition to its initiatives on Instagram, Meta is also conducting a non-NFT test on Facebook, which has seen NFTs being gradually introduced to a group of U.S. creators since early July.
The growth of NFTs is projected to drive the market toward an impressive valuation of $97.6 billion by 2028, underscoring their role in promoting authentic intellectual property. This potential growth is supported by industry research findings.
Furthermore, Meta is not alone in venturing into the NFT space, as competitors like Twitter and Reddit are similarly enhancing their NFT offerings and exploring new avenues in this dynamic market.
