As part of its efforts towards embracing blockchain technologies, Tech powerhouse Meta partnered with Polygon to unveil plans to incorporate new NFTs features into Instagram. According to the announcement, Meta revealed that users can soon mint, display, and trade digital collectibles on Instagram.
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The new initiative will aid artists in designing their NFT collections, showcasing and trading them on the social media platform through an “end-to-end toolkit.” Additionally, Instagram will aid the display of video-oriented digital collectibles.
Meta intends to initially provide the new features to a group of selected designers in the United States. The artists include DrifterShoots, Ilse Valfré, Amber Vittoria, Refik Anadol, Jason Seife, Dave Krugman, and many others.
Notably, the tech giant revealed that it wouldn’t charge users for NFTs transactions on Instagram for a while.
“Meta won’t charge fees to create or sell digital collectibles until 2024, but any in-app transactions are still subject to applicable app stores fees,” said Stephane Kasriel, Head of Commerce and Fintech at Meta
Earlier, Meta began experimenting with digital collectibles on Instagram and on Facebook (NASDAQ:META) by letting select U.S. creators post NFTs they’d purchased or created. The company expanded the offering to 100 countries by late September, enabling every U.S. user to connect their wallets, share their digital collectibles, and automatically tag their creators and collectors.
Prior to now, Facebook and Instagram users in the US could upload NFTs through Ethereum, Polygon, and Flow by connecting with wallets like Rainbow, MetaMask, Trust Wallet, Dapper, and Coinbase (NASDAQ:COIN). However, Meta has recently extended it to Solana and Phantom Wallet.
With this, Meta joins the long list of global companies that chose Polygon for their Web 3.0 integration, such as Robinhood (NASDAQ:HOOD) and Stripe.
Globally, Instagram has 1.386 billion users, so the recent development is likely to increase the adoption of digital assets.
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See original on DailyCoin
Source: Cryptocurrency - investing.com
