Instagram launches its own NFT store on the Polygon blockchain
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Answer Instagram launches its own NFT store on the Polygon blockchain
Meta has announced that social media giant Instagram will introduce a marketplace for non-fungible tokens (NFT) based on the Polygon blockchain.
announced Meta in a recent post:
Creators will soon be able to create their own digital collectibles on Instagram and sell them to fans, both on and off Instagram.
According to Meta, users will get a comprehensive toolkit all based on the Polygon blockchain.
The collection will eventually provide the possibility to create and offer for sale.
With this new feature, users can easily buy and sell NFT within Instagram, eliminating other middle people.
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Although this new feature was already available to a small number of users in the US, Meta said they will launch it more widely in other countries.
This move falls within Meta’s goal of expanding the cryptocurrency ecosystem.
On September 29, Meta, the parent company of Facebook and Instagram, announced that Facebook and Instagram users in the US can now link their wallets and share their digital holdings.
The company said that users of both platforms will be able to share their digital holdings and link wallets linked to them on Facebook and Instagram.
Meta also announced that it will no longer charge creators for its digital collectibles marketplace. Instead, the company is focusing on helping content creators expand their businesses.
As of the mentioned date, Meta plans to pay for the gas costs associated with the blockchain network out of its own pocket.
Instagram has previously added support for Coinbase and Dapper wallets to complement its previous integrations with Rainbow, MetaMask, and Trust wallets.
In addition to Instagram, Facebook’s NFT test is also being developed, with the NFT feature rolling out to some US content creators in early July of this year.
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As NFT helps build original intellectual property, this is one of the main drivers expected to drive the sector to a valuation of $97.6 billion by 2028, according to a report from the Research and Markets platform.
Besides Meta, other social media platforms, including Twitter and Reddit, are also taking their NFT engines to new heights.
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