Instagram users will now be able to mint NFTs on the Polygon (MATIC) blockchain and sell them on social media thanks to a new end-to-end toolkit from Meta.
The action has elevated MATIC by over 10% to $0.95, making it one of the best-performing digital assets over the past 24 hours.
The announcement from November 2 stated that a select group of American creators would have access to creating their digital collectibles that could be sold on and off Instagram.
The platform went on to say that users could now display video NFTs and that OpenSea would provide certain collections’ metadata, such as their names and descriptions.
In the meantime, Meta announced that it was expanding its support to the well-liked Phantom Wallet and the Solana (SOL) blockchain. The blockchains of Flow, Polygon, and Ethereum are already supported by the Mark Zuckerberg-founded company.
Sandeep Nailwal, co-founder of Polygon, praised the decision as a “remarkable milestone in the evolution of Instagram’s existing NFT functionality and a natural next step to bring Web3 to the mainstream.”
Web2 businesses are being actively onboarded into the blockchain industry by the Ethereum (ETH) Layer-2 network.
JPMorgan recently completed its first DeFi transaction involving the tokenized Singapore Dollar (TSD) and Japanese Yen on Polygon’s blockchain.