Tuesday, September 27, 2022

NFT

Meta Launches Digital Collectables Marketplace on Polygon Blockchain for Instagram and Facebook

Meta Launches Digital Collectables Marketplace on Polygon

Meta is partnering up with Polygon to bring NFTs to Instagram and Facebook. Polygon’s blockchain ecosystem will be made available to Meta’s aggregate 2.9 billion users as a result of the cooperation.

According to a Tweet by Polygon CEO Ryan Wyatt, Meta chose Polygon as their partner because of their excellent scalability and eco-friendly carbon-neutral footprint. Bot scalability and environmental concerns are a problem within the crypto and NFT spheres, and Polygon seeks to resolve both of them over time.

On May 9, Meta CEO Mark Zuckerberg revealed that initial testing of NFTs is ongoing on Instagram and that “similar functionality” will be coming to Facebook in the unpacified near future.

More information on how the NFTs will work on Instagram was revealed in a post on the Instagram Creators page. It stated that “there will be no fees associated with posting or sharing a digital collectible on Instagram” and provided additional information on how NFTs will be displayed.

Given the general unfamiliarity with the term Non-fungible or NFT among the general population, despite the recent surge in popularity, Meta has opted to use the term’ digital collectibles’. Given the divisiveness brought by the mention of NFTs or even cryptocurrency due to the hype of the last two years, it might be wiser to put on a new face to the public before coming into the mainstream.

Instagram will allow users to connect their digital wallets, share digital collectibles, and tag creators and collectors in posts. The posts about collectibles will reportedly have a ‘shimmering effect’ to distinguish them from other posts on the feed.

Initially, Meta will only allow a select number of creators to have access to their NFT marketplace, with some names more widely known than others.  

So far those creators are @garyvee, the most widely known of the bunch for is Veefriends NFT, along with others such as @adambombsquad, @bluethegreat, @bossbeautiesnft, @cynthiaerivo, @jenstark, @justmaiko, @maliha_z_art, @yungjake, @misshattan, @paigebueckers, @phiawilson, @swopes, @nopattern, and @oseanworld.

The decision to work with Polygon alongside other layer-1 solutions like Ethereum is anticipated to improve adoption among Meta’s consumer base of crypto newbies. Polygon will appeal to those who care about the environment as well as those interested in the Crypto and NFT industry, with a much lower barrier of entry and lower cost.

Much of the talk around crypto and NFTs brings up the topic of high energy consumption, and so Meta’s choice accommodates the concerns of its users and helps bring new crypto and NFT enthusiasts into the fold.

Summary

Meta is brining NFTs to Instagram and Facebook through the Polygon blockchain, aiming to allow users to engage in the NFT space via an eco-friendly and cost effective platform.


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