Yesterday evening, the Meta Group announced that the Polygon (MATIC) network had been selected to create non-fungible tokens (NFT) directly on Instagram. As soon as the announcement was made, the price of the asset began a crazy run of over 17% in a few hours.
Creating NFTs on Instagram with Polygon
As Meta moves forward with the integration of non-fungible tokens (NFTs) on its social networks, the group announced yesterday that Polygon (MATIC) has been selected to allow the creation of these directly on Instagram:
Soon you’ll be able to make and sell NFTs on @instagram, starting with @0xPolygon You can also now connect to @solana and Phantom wallet, and see information about @opensea collection: https://t.co/aH8035Tk8n
– Meta (@Meta) November 2, 2022
Initially, only a handful of creators in the US can test these new features. These features include a comprehensive toolkit that also includes the NFT mint directly on the social network.
In addition, for those who already have access to NFTs on Instagram, it is now possible to connect a Phantom wallet and thus have access to creations on the Solana (SOL) blockchain and listed on OpenSea.
Interestingly, the illustration below shows that blockchain fees are, at least for the time being, borne by Meta when purchasing an NFT:
This suggests that these costs are likely to be recouped elsewhere, although the company states that there will be no fees associated with posting and sharing NFT on Instagram.
However, any creative fees or a retained margin on the sale do not yet appear to be detailed. This will be something to watch in the future, especially given the exorbitant charges that Meta wants to apply in its Horizon World metaverse.
A project that’s making its mark
As soon as Polygon’s arrival on Instagram was announced, the MATIC saw its share price soar, recovering up to 17.68% in a few hours. Over a 24-hour period, this represents a 9.5% gain, with the asset value at $9.6 at the time of writing:
This is a major step forward for Polygon, which is signing a major partnership for widespread adoption. In recent months, the project has been able to carry out high-profile collaborations, with players such as Disney and Mercedes-Benz for example.
On the other hand, Polygon is actively working on these scaling technologies for Ethereum (ETH), through the ZK Rollups. Despite this difficult market period, all these advances show that Polygon is building its ecosystem with care.