Instagram announced on Thursday that users would shortly be able to mint digital tokens on the network. It developed its own marketplace as well, and empowered users by allowing them to sell their own NFTs.
Initially, Instagram will just allow a subset of its users to sell NFTs through its app; Nevertheless, the social media giant will shortly grant entry to its newly released NFT marketplace to all its users.
Besides, Instagram will release a new toolkit to help users navigate its newly created marketplace to mint and sell NFTs to NFT fans. The platform cooperated with Polygon to enable its users to mint NFTs with minimal effort.
Shortly, creators will be able to sell digital items to fans on and off Instagram. They will have a full set of tools, from creation (starting on the Polygon blockchain) via displaying and selling. The release emphasized that users could back their favorite creators by buying digital collectibles from Instagram.
Based on the release, meta is also expanding the variety of digital treasures which can be shared through Instagram. In addition, It adds support for the Solana blockchain and Phantom wallet. The names and descriptions of featured series’ whose metadata has been enhanced by OpenSea will currently be accessible on Instagram.
Despite the slow growth of NFTs in 2022, meta continues to experiment in the crypto and NFT industries. The company lately released its report for the second quarter, which revealed a massive loss of $3.7 billion. Mark Zuckerberg, CEO of Meta, is optimistic that his company will recover shortly, given its latest investments in the Instagram reels and artificial intelligence industries.
“It was encouraging to see a positive trajectory in our engagement patterns in the current quarter, driven by products as Reels and our investments in artificial intelligence,” said Mark Zuckerberg, Meta’s founder and CEO. Mark Zuckerberg added, “We are putting increased energy and concentrate around our key company priorities, which unlock near-term & long-term chances for Meta and the people and businesses which use our services.”