NFT News

In an NFT push, Meta’s Instagram joins forces with Polygon.

As early as this week, Instagram users will be able to publish and share NFTs.

Meta’s NFT move will be powered by Ethereum’s Polygon Layer 2 scaling solution and will be available to a limited number of creators, according to a video shared by CEO Mark Zuckerberg.

Zuckerberg stated that the social media behemoth will begin with Instagram and then go on to Facebook, with Meta’s other products perhaps being included later. He also discussed using Spark AR, a Meta-owned augmented reality effects programme, to create augmented reality NFTs for Instagram stories.

According to Chainalysis, NFTs have grown into a multibillion-dollar business worth $41 billion in sales last year. Meta’s 3.64 billion monthly users will now have access to this volatile area of the cryptocurrency market, perhaps adding fuel to an already raging fire.

“We wanted to start small and learn from the community,” said Instagram’s CEO Adam Mosseri. “Web3 is all about sharing trust and power, but Instagram is fundamentally a centralised platform, so there’s a conflict.”

The move comes after a tumultuous week in the cryptocurrency and NFT sectors. It also comes after Meta’s recent decision to keep 47.5 percent of each individual NFT sale on Horizon Worlds, its metaverse platform, drew much criticism. It’s unclear whether Instagram would allow users to buy and sell digital assets, let alone what the costs will be.

For their Twitter Blue clients, Meta competitor Twitter enabled hexagonal ownership-verified NFT profile images in January. Despite the fact that Twitter has not provided statistics on Twitter Blue users, it has become a popular trend among tech Twitter users. Many people are quick to condemn Meta’s decision to enter the crypto space, but it may have no alternative.

The Defiant quoted SuperRare founder John Crain as saying, “It’s a no-brainer.” “Their prior business strategy revolved around the inability of creatives to directly commercialise their work, but NFTs completely transformed that.” They’re facing a choice: innovate or become obsolete.”

Despite the fact that the NFT market is down along with crypto, many people are still optimistic about NFTs.

“While 2021 was the year of NFTs, 2022 is most likely the year we see it become popular for the general public,” tweeted web3 designer Kaz Tamai.

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This article is just for educational purposes.

Make your own exploration before making any form of investment, as always.

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