Meta, the parent company of Facebook, Instagram, and WhatsApp among others, had been showing signs of entering into non-fungible tokens for a while now. So, when Mark Zuckerberg as well as Ryan Watt, the CEO of Polygon Studios announced their partnership via Twitter, it didn’t come as a big surprise to a lot of people.
Addition of NFTs in Mark Zuckerberg’s Meta
As per the tweet of Meta Newsroom, this week Instagram is prepared to introduce the beta program. This feature, as indicated by Meta, is a chance for content creators to make money through their digital works.
Meta has partnered up with Polygon to create the NFT platforms for Facebook and Instagram. This was announced by the CEO of Polygon Studios, Ryan Watt, via Twitter. Only a few minutes after the tweet of CEO Ryan Watt, Mark Zuckerberg had also taken to Twitter to announce that the testing of NFTs for a selected few content creators on Instagram was in progress and that similar functions would soon be available on Facebook too. He even took to Twitter to announce the same.
NFTs and Instagram’s Growth
Mark feels that the integration of NFTs will work as a catalyst in Instagram’s growth. He even shared a video on May 9th where he showed how Meta’s Instagram will allow its users to post and share about NFTs as soon as this week.
Moreover, he even mentioned that this will be possible with Instagram, and later Facebook. Some other products of Meta will also be included over some time.
The move will be done on Ethereum Layer-2 Scaling solution that is known as Polygon. Also, this feature will be available for selected creators. He further added that it will be possible to create augmented reality NFTs for Instagram stories through Spark AR. It is a meta-owned augmented reality software that will be available to the creators very soon.
This development will increase the overall usage of the Polygon network. It will also increase the demand for MATIC cryptocurrency.
Why Polygon?
They are partnering with Polygon because of their carbon-neutral footprint scalable options. Also, Polygon offers ease of use and low costs to users so that they can innovate on the blockchain network.
It is a great platform for new NFT creators and collectors. Another good reason for choosing Polygon is that it is a layer-2 scaling solution that runs alongside the Ethereum blockchain network. It is particularly designed to enable speedy transactions. For the uninitiated, MATIC is a native cryptocurrency token used to power the network.
Digital Collectibles
Instagram will call the NFTs digital collectibles as a lot of people have confusion and assumptions around the term fungibles. These collectibles will allow Instagram users to connect to a digital wallet, share digital collectibles, and tag other creators or collectors in their posts. It is essential to note that the digital collectibles post will have a shimmer effect so that they can be separated from a standard post in the feed.
Overall, more and more giants are collaborating and launching something new in the blockchain space. It will be interesting to see how creators engage with these new features on Instagram.
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Kevin Mudd, EU Regulated Fund Manager and KMG Capital Markets' CEO, created D-CORE to become the first provider of high-quality, institutional-level research in the crypto/blockchain market. He heads D-CORE's operations from Limassol, Cyprus.
Carlos Cano is D-CORE's Creative Lead and host of the Blockchain People podcast on D-CORE's platforms. He is a digital nomad and is responsible for all the creative materials you see from D-CORE. You can find him on Twitter.
