Meta Inc is affiliating with decentralised Ethereum scaling platform, Polygon to bring Non-fungible-tokens (NFTs) to Instagram and Facebook. The partnership will see the infrastructure development and web3 platform have its blockchain ecosystem made available to Meta’s numerous users as part pf the agreement.
In a Tweet by the CEO of Polygon, Ryan Wyatt, the Mark Zuckerberg owned social media and tech platform chose Polygon as their partner as a result of their excellent scalability and eco-friendly carbon-neutral footprint. The CEO also noted that the company is looking to over time resolve Bot scalability and environmental concerns that has been a thorn in the flesh within the crypto and NFT spheres.
Meta Inc CEO, Mark Zuckerberg had on Monday, May 9, 2022 revealed that the first stage of NFTs testing is ongoing on Instagram, noting that “similar functionality” will be coming to Facebook in the unpacified near future.
Instagram itself in a post on its Creators page while giving more insight on how the NFTs will work on the picture and vide sharing app, stated that “there will be no fees associated with posting or sharing a digital collectible on Instagram” , with more information provided on how NFTs will be displayed.
Meta Inc had opted to use the ‘digital collectibles’ for the term because of the general unfamiliarity with the Non-fungible-tokens (NFT) term among the general population, and even with the recent surge in popularity of NFT as a word. The company deemed it wiser to put in a new face to the public before coming out to the mainstream as the mention of NFTs and cryptocurrency has brought out a lot of divisiveness due to the hype it garnered in the last two years.
While allowing users connect their digital wallets, share digital collectibles, and tag creators and collectors in posts, Instagram says the posts about collectibles will reportedly have a ‘shimmering effect’ to distinguish them from other posts on the feed.
Meta will for a start only allow a select number of creators to have access to their NFT marketplace, with some names more widely known than others. The creators are listed below: @garyvee, @adambombsquad, @bluethegreat, @bossbeautiesnft, @cynthiaerivo, @jenstark, @justmaiko, @maliha_z_art, @yungjake, @misshattan, @paigebueckers, @phiawilson, @swopes @nopattern, and @oseanworld.
Meat is sorting out more ways to improve the adoption of crypto by the new starters and this is a very important factor that premised its decision to align with polygon together with other layer-1 solutions, with like Ethereum, with the Polygon group appearing to appeal to those who care about the environment as well as those interested in the Crypto and NFT industry, with a much lower barrier of entry and lower cost.
Much of the talk around crypto and NFTs brings up the topic of high energy consumption, and so Meta’s choice accommodates the concerns of its users and helps bring new crypto and NFT enthusiasts into the fold.