Instagram Announces Its Own NFT Marketplace 12

Instagram Announces Its Own NFT Marketplace

  • Instagram, in collaboration with Polygon, has announced the launch of its own NFT marketplace.
  • The marketplace will permit users to mint and sell their NFTs on the platform.

Social media giant Instagram announced the launch of its own NFT marketplace, which will soon permit its users to mint and trade NFTs.

Instagram Launches the NFT Marketplace

In a Thursday announcement made by the popular social media app, Instagram declared that it will soon allow its users to mint digital tokens on its platform. The platform will also be launching its own marketplace, giving users more power by permitting creators to sell their own NFTs.

For now, Instagram will allow selected users to sell NFTs via its app; however, the social media giant will soon allow all of its users to access its newly launched NFT marketplace.

Instagram will also be rolling out a new toolkit that will help users navigate its newly launched marketplace in order to mint and sell NFTs to interested NFT enthusiasts. The platform has announced its collaboration with Polygon to allow its users to mint NFTs with the minimum of hassle.

“Creators will soon be able to make their own digital collectibles on Instagram and sell them to fans, both on and off Instagram.” They’ll have an end-to-end toolkit, from creation (starting on the Polygon blockchain) and showcasing to selling. “People can easily support their favourite creators by buying their digital collectibles directly within Instagram,” the announcement reiterated.

The announcement also states that Meta is working on expanding the types of digital collectibles that can be shared via Instagram.

“We’re also expanding the types of digital collectibles that you can showcase on Instagram to include video and adding support for the Solana blockchain and Phantom wallet, in addition to the blockchains and wallets that we already support.” “Information for select collections where the metadata has been enriched by OpenSea, such as collection name and descriptions, will now be available on Instagram.”

Despite the sluggish growth of NFTs throughout 2022, Meta seems undeterred by declining numbers and continues to experiment with the crypto and NFT sectors. The company has recently published its Q2 earnings report, which disclosed a staggering loss of $3.7 billion. However, Meta’s CEO, Mark Zuckerberg, seems positive that his company will soon bounce back considering its recent investments in the sectors of Instagram reels and AI.

“It was good to see a positive trajectory on our engagement trends this quarter coming from products like Reels and our investments in AI,” said Mark Zuckerberg, Meta’s founder and CEO. “We’re putting increased energy and focus around our key company priorities that unlock both near-term and long-term opportunities for Meta and the people and businesses that use our services.” Zuckerberg added.