Meta, the company formerly known as Facebook, is enabling creators to mint & sell Polygon-powered digital collectibles on & off the Instagram platform for the first time ever. Instagram intends to provide a number of NFT-related services that will let creators create, sell, and display non-fungible tokens (NFTs).
NFTs are unique blockchain tokens that Meta commonly refers to as “digital collectibles.” These tokens signify ownership of a resource, frequently a digital piece of art. The formal announcement was made on November 2 at Creator Week 2022 by Instagram’s parent company, Meta.
The news comes after declarations of a series of important development for creators to get money off of their work on the NFT platforms. According to Meta, anybody will be able to create NFTs on the Polygon blockchain and then sell them on Instagram or elsewhere using the company’s digital collectibles tool-set.
The company states that in addition to the Ethereum, Polygon, and Flow blockchains that the platform currently supports, you can now show NFTs that you’ve earned from other sources from the Solana blockchain as well.
Similar to how Twitter manages the NFT profile image feature, Meta will also add metadata from OpenSea to the display. Additionally, metadata such as collection names and descriptions will be collected from the NFT marketplace OpenSea, along with support for video NFTs.
According to Meta’s head of commerce and financial technology, Stephane Kasriel, the business won’t start charging for the creation or trading of NFTs until 2024. Additionally, Meta will cover customers’ blockchain gas expenses “at launch,” though it did not say how long that would be.
In reference to Apple’s 30% commission on NFT sales, Kasriel said that “app store fees” will still apply to NFT transactions. Since Apple’s NFT fee is more than the typical 2.5% commission charged by NFT markets like OpenSea, it has drawn a lot of flak.
Polygon (MATIC) Goes Up 20% Since Partnership
After Meta revealed earlier this week that Instagram will use the Polygon network for its planned in-app NFT minting functionality, Polygon is experiencing significant price rises for its token MATIC.
Data from CoinGecko show that MATIC has increased by over 20% in the last day, going from about $0.94 to $1.13. MATIC grew by 25% over the previous week and by an astounding 35% over the previous month.