Meta Platforms Inc (NASDAQ: META)-owned Instagram will soon allow users to create, sell and showcase Polygon (CRYPTO: MATIC) based nonfungible tokens (NFTs), giving them new ways to monetize their communities using digital collectibles.
What Happened: Instagram on Wednesday announced plans to integrate a full end-to-end toolkit that can be used for the whole process — from the creation of NFTs to showcasing and selling NFTs, starting on the Polygon blockchain.
This comes after Meta announced its initial plans in May, to integrate NFTs from Ethereum (CRYPTO: ETH), Polygon, Solana (CRYPTO: SOL), and Flow.
See More: Is Polygon (MATIC) Here to Stay?
Polygon makes minting new NFTs better than Ethereum because of its cheaper gas fees and shorter transaction times. Instagram said it will soon test these new features with a small group of creators in the U.S. first.
Why It Matters: According to a blog post by Polygon, NFTs open new venues for artists to “capture the economic value of their work and a way to transform their social capital into financial reward.” Fans get an opportunity to support the creators they love by collecting and curating their work.
“This move represents a remarkable milestone in the evolution of Instagram’s existing NFT functionality and a natural next step to bring Web3 to the mainstream,” said Polygon co-founder Sandeep Nailwal.
Price Action: At the time of writing, Polygon was trading at $0.934, up by 7.00% in the last 24 hours, according to Benzinga Pro.
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