Instagram, a leading social networking platform, has introduced its NFT marketplace, which will soon enable its users to mint and trade NFTs.
Instagram Introduces the NFT Marketplace
Instagram announced on Thursday that users would soon be able to mint digital tokens on the network. It also developed its marketplace, empowering users by allowing them to sell their own NFTs.
At first, Instagram will only permit a subset of its users to sell NFTs via its app; however, the social media giant will soon grant access to its newly launched NFT marketplace to all of its users.
JUST IN: Meta announces support for buying and selling #Polygon NFTs on Instagram.
— Watcher.Guru (@WatcherGuru) November 2, 2022
Instagram will also release a new toolkit to assist users in navigating its newly created marketplace to mint and sell NFTs to NFT fans. The platform partnered with Polygon to enable its users to mint NFTs with minimal effort.
Soon, creators will be able to sell digital items to fans on and off Instagram. They will have a complete set of tools, from creation (beginning on the Polygon blockchain) through showing and selling. The release stressed that users could support their favourite creators by purchasing digital collectibles from Instagram.
— Polygon – MATIC 💜 (@0xPolygon) November 2, 2022
According to the release, meta is also extending the types of digital treasures that can be shared via Instagram. It’s also adding support for the Solana blockchain and Phantom wallet. The names and descriptions of special collections whose metadata has been improved by OpenSea will now be accessible on Instagram.
Meta continues to experiment in the crypto and NFT industries despite the sluggish growth of NFTs in 2022. The firm recently released its report for the second quarter, showing a whopping loss of $3.7 billion. Mark Zuckerberg, CEO of Meta, is optimistic that his firm will soon recover, given its recent investments in the Instagram reels and AI industries.
Mark Zuckerberg, the founder and CEO of Meta, stated, “It was encouraging to see a favourable trajectory in our engagement patterns this quarter, driven by products like Reels and our investments in AI. Zuckerberg added, “We’re putting increased energy and focus around our key company priorities that unlock both near-term and long-term opportunities for Meta and the people and businesses that use our services.”