Meta may be cratering in the stock market but that won’t Polygon’s eye-opening deal with the social media giant any less sweeter.
Instagram users will soon be able to create and sell NFTs on Polygon, a proof-of-stake Layer 1 blockchain with a total value locked of $1.3B, Meta said Nov. 2. Meta owns Instagram, which has 1B monthly active users.
Testing New Features
“We’re testing these new features with a small group of creators in the U.S. first, and hope to expand to more countries soon,” the firm said in the blog post.
Meta plans to launch an end-to-end toolkit allowing Instagram creators to design and launch NFTs. The toolkit will support Polygon-based NFTs initially, with Meta indicating it will support other chains in the future.
On Twitter, Meta said Instagram users can also connect to the Solana network and its Phantom wallet to view the network’s nonfungible tokens, and can access information about NFT collections on OpenSea.
“Meta has selected Polygon for MINTING digital collectibles,” tweeted Ryan Wyatt, the CEO of Polygon studios. “For the first time ever, creators will be able to mint & sell Polygon-powered digital collectibles on Instagram.”
Polygon emphasized that 50M people see themselves as online creators worldwide, emphasizing that NFTs allow people to own their digital content online. Sandeep Nailwal, Polygon’s co-founder, described the deal as an important step toward onboarding a billion users to web3.
“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,” said Polygon co-founder Sandeep Narwal.
Polygon’s native MATIC token is up 10% today with a market cap of $8.5B, according to The Defiant Terminal.
On the same day, Arweave announced that Meta will use its distributed ledger technology to store Instagram’s digital collectibles. “NFT permanence is a sign of digital asset quality,” tweeted Sam Williams, Arweave’s co-founder and CEO.
Meta said that Instagram would begin testing features allowing users to share NFTs back in May. Meta said it would first trial Ethereum and Polygon-based NFTs, with support for Solana and Flow to follow.
On June 30, the firm said Facebook was also testing NFT features with select creators. Two months later, NFT sharing was rolled out across both Facebook and Instagram alongside support for NFTs on the Flow network.
“By building support for NFTs, we aim to improve accessibility, lower barriers to entry, and help make the NFT space more inclusive to all communities,” Meta said.
This is just the latest mandate Polygon has won from major companies.
On Oct. 20, Nubank, a fintech bank serving more than 70M customers in Latin America. announced it will launch its own blockchain and token leveraging Polygon’s technology.
In September, Robinhood, the popular investment app, launched the beta version of its Polygon-based non-custodial web3 wallet for the first 10,000 people on its waitlist. Robinhood first announced it would launch a Polygon-based wallet in May.
Reddit, the social media platform, also started a Polygon-based NFT marketplace in July. Trade volume for the collection soared last month, with Reddit’s NFTs driving more than $10.4M in cumulative trades.