Instagram Adds Support for Buying and Selling Polygon NFTs Within the App

Instagram will use the Polygon blockchain for NFT minting on its marketplace.

Written by Shomik Sen Bhattacharjee, Edited by David Delima | Updated: 3 November 2022 16:18 IST

Instagram Adds Support for Buying and Selling Polygon NFTs Within the App

Photo Credit: Meta

Instagram will soon have NFT creation and trading tools built in

Highlights

Meta will roll out the new NFT features to a select group of people
Instagram will pull NFT metadata from OpenSea
Meta introduced NFT support for Instagram in 100 countries in August

Instagram will soon host a marketplace for non-fungible tokens (NFTs) starting with support for Polygon, the company announced. Instagram intends to incorporate an entire end-to-end toolkit that can be utilised for showcasing and selling NFTs, both on and off the platform, starting with the Polygon blockchain. The features are live with a small group of creators in the US and will be expanded to other countries soon. Support is also live for Solana's Phantom wallet, Meta said, adding that information for collections from OpenSea can now be viewed on the platform.

In August, Meta introduced NFT support for Instagram in 100 countries with a limited user base. As per the recent announcement, all users in these 100 nations can now access the function on Instagram.

For early access to the Instagram NFT features, creators including photographer DrifterShoots, visual artist Ilse Valfré, artist Amber Vittoria and many more were selected by the Meta-owned company.

Deribit Cryptocurrency Derivatives Exchange Hacked for $28 Million: Details

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

Comment your #NFT below 👇 pic.twitter.com/dvHau9n9Yu
— Meta (@Meta) November 2, 2022

Facebook and Instagram users will soon be able to upload NFTs based on Ethereum, Polygon, and Flow by connecting their wallets, such as Rainbow, MetaMask, Trust Wallet, Coinbase Wallet, and Dapper Wallet. Meta has also added the Solana blockchain to that list along with Phantom Wallet. Meta is also expanding the types of digital collectibles that users can showcase on Instagram, including videos.

Meanwhile, Meta's Head of Commerce and Fintech, Stephane Kasriel, stated, "Meta won't charge fees to create or sell digital collectibles until 2024, but any in-app transactions are still subject to applicable app store fees."

Visa Partners Crypto.com to Launch NFT Auction Ahead of FIFA World Cup

.@Meta has selected @0xpolygon for minting digital collectables 🧑‍🎨

For the 1st time ever, @Meta is empowering creators to mint & sell @0xpolygon powered digital collectibles on & off @instagram 🙌🏿 pic.twitter.com/1QmXt8rt4E
— Polygon - MATIC 💜 (@0xPolygon) November 2, 2022

Polygon co-founder Sandeep Nailwal noted, "The value added to the creator economy is unmatchable and championing verifiable digital ownership on a platform with such reach will help us further our goal of onboarding the next billion users to Web3."

In October, Meta allowed Facebook and Instagram users in the US to connect their wallets, share their NFTs and cross-post the NFTs they hold on Facebook and Instagram.

What are the best smartphones you can buy in India under Rs. 30,000? There are a handful of options that we've discussed on this week's episode of Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.

Affiliate links may be automatically generated - see our ethics statement for details.

Comments

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.