Meta Platforms Inc, the parent company of Instagram, Facebook, and WhatsApp has recently announced its intentions to support Non-fungible tokens (NFTs) marketplaces on Instagram through the Polygon protocol.
According to the news release, Instagram users will be allowed to support their favorite creators by buying digital collectibles on Instagram. Creators will be provided with a full template which will start on the Polygon blockchain to display and sell. Creators from other countries will be considered after the testing phase scales through.
Meta also hinted that there are plans to grow the types of digital collectibles that will be featured on Instagram and also add their support for the Solana blockchain and the Phantom wallet with the inclusion of other wallets that they already champion.
The recent update follows a press statement from Meta in August stating that Instagram and Facebook users have already been allowed to post their NFTs across Facebook and Instagram. Individuals can now connect their wallets through the app at a time or share their collectibles through both platforms.
The interest of Meta to showcase NFTs on Instagram and Facebook is just one of the company’s initial steps towards advancement in the metaverse. There are hopes that in a few years, the metaverse will be a major contributor to the Web3 ecosystem.
The Integration of Polygon Protocol
As the expansion into the digital ecosystem has become paramount, many companies are looking into the use of Polygon in their processes. For example, Polygon announced a collaboration with the Ocean Conservation Exploration and Education Foundation (OCEEF) to promote ocean awareness by developing new methods to expose people to deep-sea missions.
A new wave in ocean conservation 🌊@oceef_, a world class ocean conservation NGO, is working with #Polygon towards a next-gen ocean conservation initiative.
The aim is to offer interactive experiences via a governance platform where participants can assist in key decisions. pic.twitter.com/N40r3iu54f
— Polygon – MATIC 💜 (@0xPolygon) October 6, 2022
Polygon, a decentralized Layer-2 protocol on the Ethereum network was also the only blockchain platform that was allowed to feature in the 2022 Disney Accelerator Program which is focused on developing the Web3.
In related news, Starbucks coffee recently released their NFT-based membership program using the Polygon blockchain. The Starbucks Odyssey can provide its users with an exclusive experience, such as invitations to exclusive resorts. The Web3.0 program is designed in such a way that users can earn the associated NFTs by completing tasks rather than purchasing them.
