Facebook Selects Polygon Blockchain For Web3 Expansion
Meta has had a historic week, and now they’re saying that they’ll be using the Polygon blockchain to expand their Web3 footprint. Mark Zuckerberg, the CEO of Meta, revealed this week that Instagram will officially enable NFTs on their platform.
The latest Meta news was disclosed today by Ryan Wyatt, CEO of Polygon. “We’re thrilled to share that @Meta is teaming with @0xPolygon as they push towards web3,” he tweeted to his 416 thousand followers. Facebook chose Polygon because of our carbon-neutral footprint, scalability, and the developer ecosystem’s decision to build on Polygon.”
The announcement comes after a tumultuous week in the cryptocurrency and NFT sectors. Many projects’ market values have plummeted, and there is little prospect of this trend halting. Meta, on the other hand, sees Web3 as a long-term investment. They will participate in the economy now and receive the benefits later.
What is Polygon and how will it be used by Meta?
Polygon is an Ethereum Layer 2 scalability solution, sometimes known as a’sidechain’ or ‘layer two.’ It enables for minimal fees and quick transactions when used in conjunction with Ethereum. MATIC, the network’s native cryptocurrency, is used for payments, staking, and other purposes.
Polygon launched a new initiative, dubbed “The Green Manifesto,” in April to transform their entire environment. Polygon intends to transition to a more sustainable period, with the goal of becoming carbon negative by the end of 2022.
They’re taking a variety of steps, including adjusting the climate vertically inside their ecosystem. They will fund projects that employ technology to tackle climate change and will focus on community activities.
They’ve even set aside $20 million to make sure it works. This is one of the main reasons Meta has decided to use Polygon as its primary blockchain in the future.
Instagram revealed yesterday that Polygon, along with Ethereum, will be included in the debut of their NFT integration.
“We acknowledge that blockchain technology and NFTs raise critical considerations about sustainability,” they wrote in the blog. By acquiring renewable energy, Meta will help Instagram lower its carbon footprint. Learn more about our dedication to environmental stewardship.”
Meta will make an attempt to welcome billions of Web3 users.
Polygon is also assisting in the advancement of Web3, and Meta is aware of this. The firm is putting money on cutting-edge zero-knowledge (ZK) technology. Many people feel that ZK will be instrumental in introducing Web3 to the world. This is significant because Meta’s platforms have billions of daily users.
Finally, Meta estimated that 2.87 billion individuals used at least one of Facebook, WhatsApp, Instagram, or Messenger on a daily basis in the second quarter of 2022. Meta will now begin to incorporate Web3 into these sites, starting with Instagram, leveraging Polygon.
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