According to Meta, Instagram will soon let content producers manufacture and trade non-fungible tokens based on polygons.
Instagram will soon provide a marketplace for non-fungible tokens (NFTs), beginning with support for Polygon, the company stated.
The functionalities are now operational for a limited number of creators in the United States and will shortly be made available in other countries. According to Meta, support has now been activated for Solana’s Phantom wallet. She also said that information pertaining to collections from OpenSea may now be accessed on the site.
Stephane Kasriel, the lead for commerce fintech and web3 at Meta said in a blog post that a creator economy with a potential value of one hundred billion dollars cannot be achieved without a digital economy with higher mobility than the web services that are available now. Meta’s long-term goal is to make it easier for content producers to make a livelihood, and as part of this approach, the business has decided to waive all transaction fees in its digital collectables marketplace until 2024 and will pay for any blockchain-related gas expenses that arise.
In the wake of Meta’s statement from a month ago that it will integrate NFT visibility and access for Facebook and Instagram, the digital asset feature extension has been implemented.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.