At its Creator Week event, Meta announced that Instagram would soon allow content creators to produce and sell NFTs. Described as digital collectibles, these virtual items are effectively non-fungible tokens. With this new feature, the social network clearly displays its ambition: to impose itself as an NFT marketplace.
The social media promises the implementation, very soon, of new tools for creators. The latter will be able to monetize their audience using tokens. They will be able to create, display and sell these tokens to people who want to support their activity. Users will be able to share them directly in the main stream of the application, but also in Story or by message. To develop this feature, the American firm should mainly use the Polygon blockchain, one of the most famous in the Web 3.0 field. If these new functions originally concerned only a small group of creators in the United States, the platform wants to extend its project to one hundred additional countries. This brings Meta’s application closer to the role of a marketplace! To carry out its plan, it has expanded its partnerships. The brand is indeed collaborating with a number of well-known names in the field of metaverse: Solana in support of blockchain, its famous digital wallet Phantom and the marketplace for tokens, OpenSea.
These functional additions come as the platform has recently offered monetization options on its business mode. A tip device in virtual currency Stars is thus being deployed. Internet users can also support their favorite creators by donating money from the work’s page. Diem, Facebook’s crytomoney project, has been abandoned, but the group hasn’t quite given up on NFTs! This goal is part of Meta’s shift to join Web3. Mark Zuckerberg’s company has been trying for a few years to build its business model on the metaverse. However, Internet users do not seem to be ready yet. As a result, the group’s share price has dropped considerably in recent months. The future will tell if its ambition is viable.
In order for fans to support their favorite digital artworks, Instagram is about to gradually roll out NFTs via the Polygon blockchain; the frontier to the metaverse has been crossed!
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