Meta taps Polygon for an NFT Instagram feature
Users will be able to mint and sell NFTs in-app
The update is now tested on selected American creators
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Meta partners with the decentralized Ethereum scaling platform Polygon to allow Instagram users to mint NFTs. The update will enable creators to mint, showcase, and sell their non-fungible tokens directly within the app. The process will look like the usual in-app purchases on iOS or Android devices.
Polygon and Meta started testing the upcoming feature with a small group of U.S.-based creators. Instagram will integrate a full end-to-end toolkit that will guide creators through the process of NFT minting within the Polygon blockchain. Following this, the companies plan to expand to more countries.
It’s worth noting that Meta has not mentioned any cut from the NFT sales revenues. This brings to mind the company’s Metaverse platform Horizon Worlds, which takes 25% of each sale made in-game.
“This move represents a remarkable milestone in the evolution of Instagram’s existing NFT functionality and a natural next step to bring Web3 to the mainstream. The value added to the creator economy is unmatchable and championing verifiable digital ownership on a platform with such reach will help us further our goal of onboarding the next billion users to Web3,”said Polygon co-founder, Sandeep Nailwal.
Meta started testing digital collectibles features on U.S.-based Instagram users in May this year. The initiative, which permits individuals to share the NFTs that they own, was launched with the integration of Polygon and Flow and was later expanded to Ethereum. The update currently supports MetaMask, Dapper Wallet, Trust Wallet, Coinbase Wallet, and Rainbow.
However, not every Meta’s step into Web3 is successful. In October, the company released its earnings report for Q3 of 2022. The numbers were surprisingly low: Meta’s net income dropped by more than 50% from 2021. Meta’s stock also decreased; the company lost 65% of its profit compared to October 2021.
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