Polygon for Instagram’s NFTs and the crypto MATIC soars
Polygon for Instagram’s NFTs and the crypto MATIC soars

Polygon for Instagram’s NFTs and the crypto MATIC soars

By Amelia Tomasicchio - 4 Nov 2022

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Following Reddit, Instagram has also decided to use Polygon’s blockchain for its NFTs, and it is perhaps also for this reason that the crypto MATIC has risen in value, reporting +13% since yesterday.

Indeed, yesterday Instagram announced that it will start selling Non-Fungible Tokens using Polygon. Specifically, there will be 100 countries where Instagram will start selling NFTs directly through its platform.

More accurately, Instagram will definitely collect fees, but it will be creators who can decide to put their NFTs for sale directly on the social network.

Stephane Kasriel the Head of Commerce and Fintech at Meta, said:

“A small group of creators will soon be able to create digital collectibles (NFTs) and sell them right on Instagram.”

These include photographer DrifterShoots, artist Ilse Valfré, and Amber Vittoria.

There is still unfortunately no word on the release date of this marketplace, but since Twitter will soon be doing so as well, it is thought that it will not be long now.

instagram digital collectibles
The NFT interface of Instagram

Polygon Studios CEO Ryan Wyatt revealed to Decrypt magazine:

“Creators on Instagram having the opportunity to engage with fans and monetize through Polygon-powered digital collectables is a watershed moment for both the creator economy and web3. Accessibility is still one of the biggest hurdles to onboarding new users to Web3 and making this process easier, faster, cheaper, and more approachable will have an immense impact.”

The latest news about Meta and Instagram

Back in May, Meta announced that they were implementing a feature to connect the platform to a wallet and display their NFTs on their respective Instagram and Facebook profiles.

Currently, Facebook and Instagram support the display of NFTs on Ethereum, Polygon and Flow blockchains, allowing users to connect their wallets to their accounts to display NFTs. In addition, support for Solana and Phantom is rumored to be on the way.

The latest news on Polygon

Recently Nubank, the fintech bank located in Brazil, announced the creation of Nucoin tokens on the Polygon blockchain. Nubank says the tokens will be available by the first half of 2023 and will pave the way for a rewards-rich program for its seventy million customers throughout Latin America.

In addition, a few days ago the US investment bank JP Morgan executed its first crypto transaction in DeFi in real time, on a public blockchain, using tokenized deposits, powered by Aave, and verifiable credentials through Polygon. 

The crypto MATIC rises 

As mentioned, it is perhaps also for these reasons that the crypto MATIC has risen in value, recording +13% in the last 24 hours.

The cryptocurrency is certainly also benefiting from the small rally taking place in the crypto sector, where many cryptocurrencies are regaining ground from last month’s sharp declines.

This is an ERC-20 token that runs on the Ethereum blockchain. The tokens are used for payment services on Polygon and as a governance currency among users operating within the Polygon ecosystem. Transaction fees on Polygon sidechains are also paid in MATIC tokens.

Amelia Tomasicchio

As expert in digital marketing, Amelia began working in the fintech sector in 2014 after writing her thesis on Bitcoin technology. Previously author for several international crypto-related magazines and CMO at Eidoo. She is now the co-founder and editor-in-chief of The Cryptonomist, and also PR manager for the Italian market at Bitget. She is also a marketing teacher at Digital Coach in Milan and she published a book about NFTs for the Italian publishing house Mondadori, while she is also helping artists and company to entering in the sector. As advisor, Amelia is also involved in metaverse-related project such as The Nemesis and OVER.

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