Last night, the Meta Group announced that the Polygon (MATIC) network had been selected for the creation of non-fungible tokens (NFT) directly on Instagram. Upon the announcement, the price of the asset then began a mad dash of more than 17% in a few hours.
Create NFTs on Instagram with Polygon
As Meta moves forward with the integration of non-fungible tokens (NFTs) on its social networks, the group announced yesterday that Polygon (MATIC) had been selected to allow the creation of these directly on Instagram :
Soon you’ll be able to make and sell #NFTs we @instagramstarting with @0xPolygon. You can also now connect to @solana and Phantom wallet, and see information about @opensea collection: https://t.co/aH8035Tk8n
How your #NFT below 👇 pic.twitter.com/dvHau9n9Yu
— Meta (@Meta) November 2, 2022
Firstly, only a handful of creators in the United States can test these novelties. These features include a complete toolkit that also encompasses the mint of NFT directly on the social network.
Also, for people who already have access to NFTs on Instagram, it is now possible to connect a Phantom wallet and thus have access to the creations present on the Solana blockchain (SOL) and listed on OpenSea.
Interestingly, the illustration below shows that blockchain fees are, at least for now, supported by Meta when purchasing an NFT :
Figure 1 – Buying NFT on Instagram
This gesture suggests that these costs are probably recovered elsewherealthough the company clarifies that there will be no fees associated with posting and sharing NFTs on Instagram.
However, possible creation costs or a margin retained on the sale do not seem to be detailed yet. This will therefore be a point to watch in the future.especially when you know the exorbitant charges that Meta wants to apply in its metaverse of Horizon World.
👉 To go further – Learn all about non-fungible tokens (NFT) thanks to our explanations
Buy NFTs on Binance
Discover Binance’s NFT Marketplace 🔥
A project that places its pawns
As soon as Polygon’s arrival on Instagram was announced, the MATIC saw its price soar, recovering up to 17.68% in a few hours. Over a 24-hour period, this represents an increase of 9.5%, for an asset value of $9.6 at the time of writing:
Figure 2 – MATIC courses
This is a major step forward for Polygon, which is signing an important partnership for large-scale adoption. In recent months, the project has been able to conduct leading collaborations, with actors like Disney or Mercedes-Benz for example.
On the other hand, Polygon is actively working on these scaling technologies for Ethereum (ETH), through ZK Rollups. Despite this difficult market period, all these advances show that Polygon is building its ecosystem with care.
👉 Also in the news – Sam Bankman-Fried considers Meta wasting billions on smoke bombs
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I timidly discovered the world of blockchain at the end of 2018 during my quest for financial freedom. Initially invested moderately, it was only two years later that I took the gamble of betting everything on the movement that was taking shape then. I then dedicate 2021 to training myself better to acquire more knowledge and seriousness. As I often like to say: I still have a billion things to learn. And what I do know, I want to share with you.
Vincent Mayor
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