Polygon, Arweave See Massive Increase in Digits as Meta’s Instagram Announces New NFT Tools

November 8, 2022

By Sharan Kaur Phillora

Meta’s latest blockchain offering will let a select group of US creators on Instagram mint NFTs and sell the digital assets directly via the social media platform. The company said it won’t charge any service fees until 2024 and will cover any gas costs incurred by both creators and collectors for the time being. However, any in-app purchases of NFTs are still subject to applicable Android and iOS app store fees.

News that Instagram will leverage the Polygon blockchain to let users mint and sell NFTs has sent blockchain’s MATIC soaring by 14.3% since.

Here’s what we know:

Reddit recently adopted Polygon’s blockchain for its highly successful Collectible Avatars NFTs whereas Arweave’s blockchain is known for providing decentralized storage space that is impossible to tamper with.

With Meta taking heavy losses on its metaverse division, CEO Mark Zuckerberg seems eager to attract more users to the creator economy via NFTs.

According to Zuckerberg, the plan is to “help creators build for the metaverse,” and the roadmap includes blockchain-powered digital collectibles. To celebrate, Meta invited both Instagram and Facebook creators from around the world to “Creator Week” events during the first week of November in Los Angeles, London, Bali and Sao Paulo.

Echoing Web3’s promise to tear down walled gardens, Instagram’s new feature allows users to take any photos or video collectibles they create on Instagram off of the platform and share them to their preferred NFT wallets or marketplaces.

Meta recently launched its digital collectibles feature in 100 countries, enabling users to connect their digital wallets. But the feature only allows for Polygon, Ethereum and Flow NFTs.

About the author

Sharan Kaur Phillora’s thirst for knowledge has led her to study many different subjects, including NFTs and Blockchain technology – two emerging technologies that will change how we interact with each other in the future. When she isn’t exploring a new idea or concept, she enjoys reading literary masterpieces.

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