News that Instagram will benefit from the Polygon blockchain to allow users to mint and sell NFTs it has sent the MATIC block up 14.3% since yesterday, per CoinGecko.
This is the new Web3 entry of the social media platform in the fierce competition with TikTok and Alphabet’s YouTube.
Decentralized data storage protocol Arweave’s AR index is up 59.2% since yesterday, per CoinGeckoafter Instagram announced that it will use Arweave for the storage of its creators’ NFTs.
For a long time, creators have been criticized for the lack of payment for the creator, unlike YouTube and TikTok, Instagram has already appeared, due to the kind of success of the last night.
“Blockchain has a place in this because it can enable new business models for creators that allow them to better control their work and audience, and how they can finance it,” tweeted Stephane Kasriel, Meta’s Head of Marketing and Fintech.
“We believe that Web3 technology, like blockchain, will further improve the economic model for creators by giving them the ability to create new types of digital assets that can be monetized,” he said.
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Polygon enters the metaverse
Polygon’s blog has been around for a while used by Reddit for its highly successful NFT Tanking Avatars, this is one of the few bright spots in the NFT tanking market.
Arweave’s blockchain, on the other hand, is known for providing immutable storage facilities. Users buy space by buying an AR token.
Meta’s move is a vote of confidence in blockchain technology even though the broader cryptocurrency market is in the dark, with the prices of high-profile tokens Bitcoin and Ethereum on the verge of collapse. $20,000 a $1,500each, for the past few months.
Back in May, Meta read it select creators can display their NFTs on their Instagram and Facebook profiles.
Developers can display NFTs on the Ethereum, Polygon, and Flow blockchains, with support for Solana and Phantom wallets coming soon.
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment or other advice.
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