Instagram, which is owned by Meta Platforms Inc, will soon allow users to create, sell, and display Polygon-based nonfungible tokens (NFTs), giving them new ways to monetize their communities through digital collectibles.
Instagram announced plans on Wednesday to integrate a full end-to-end toolkit that can be used for the entire process — from creating NFTs to showcasing and selling NFTs — beginning with the Polygon blockchain.
This follows Meta’s initial plans in May to integrate NFTs from Ethereum, Polygon, Solana, and Flow.
Polygon makes minting new NFTs easier than Ethereum due to lower gas fees and faster transaction times. Instagram stated that these new features will be tested with a small group of creators in the United States first.
According to a Polygon blog post, NFTs provide new opportunities for artists to “capture the economic value of their work as well as a way to transform their social capital into financial reward.”
Fans can support their favorite creators by collecting and curating their work.
“This move represents a significant milestone in the evolution of Instagram’s existing NFT functionality and a natural next step toward bringing Web3 to the mainstream,” said Polygon co-founder Sandeep Nailwal.
Polygon was trading at $0.934 at the time of writing, up 7.00% in the previous 24 hours.
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