Wednesday, November 30, 2022

Why Meta Launched A NFT Minting Feature On Instagram

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Big tech company Meta, formerly known as Facebook, will extend its non-fungible token (NFT) features to the social network Instagram. According to an official announcement, the company partnered with the Ethereum-based second-layer solution Polygon to allow creators to mint their digital assets.

Meta is stepping up their NFT capabilities by implementing new features. In May 2022, the company introduced digital collectibles to Instagram for U.S.-based users. The new features allow creators to connect with their fans, monetize, and have more control over their content. 

In addition to minting their own NFTs, creators can trade them on the social network’s digital marketplace. As seen in the image below, Instagram will describe an item or collection and its price and let users connect their crypto wallets. 

NFT features on Instagram, collection descriptions, and prices. Source: Meta via Twitter

So far, users can connect their Polygon, Ethereum, wallets, and addresses from third-party providers, such as Coinbase, Dapper, and MetaMask. The company announced it would test the new features before releasing them to U.S. users and other countries. Sandeed Nailwal, Polygon Co-Founder, stated the following about the new feature: 

This move represents a remarkable milestone in the evolution of Instagram’s existing NFT functionality and a natural next step to bring Web3 to the mainstream. 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.

Meta Committed To Web3 And NFT Sector

The company will launch a toolkit for Polygon to support the feature, allowing creators to mint their digital assets directly with Instagram. The social media platform will also expand its existing features to other blockchains by supporting Solana and Phantom wallets. 

The team behind Polygon added the following on the integration with the social media platform: 

Instagram plans to integrate a full end-to-end toolkit that can be used for the whole process — from creation, starting on the Polygon blockchain, to showcasing and selling NFTs both on and off the popular social media site.

Meta claims NFTs will provide their users with a greater capacity to capture the economic value and for audiences to support their creators. The company is taking several steps to improve its crypto and Web3 capabilities. 

Investors Feel The Pain

However, the company’s shareholders might not share the passion for the nascent sector. Reports from several news outlets state that investors feel “disgusted” and “frustrated” about Meta’s plans to allocate capital to Web3 and the Metaverse. 

The latest earnings meetings allowed investors to vent their “anger” with the company’s vision. In that regard, the price of META has plummeted by over 20% in the past weeks. Despite these reactions, the company seems adamant about staying on its current course. 

Meta Instagram Chart 1
META’s price trends to the downside on the daily chart. Source: METAUSDT Tradingview

Numisteamone

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