Meta Announces New Product Allowing Creators To Build Instagram NFTs on Polygon (MATIC)

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Social media giant Meta is announcing a new feature to allow creators to make their own non-fungible tokens (NFTs) and sell them directly on Instagram.

The NFTs will be minted on Polygon (MATIC), which surged by 12.8% over the last 24 hours following the announcement.

“Creators will soon be able to make their own digital collectibles on Instagram and sell them to fans, both on and off Instagram. They’ll have an end-to-end toolkit — from creation (starting on the Polygon blockchain) and showcasing, to selling. People can easily support their favorite creators by buying their digital collectibles directly within Instagram.”

The company says the new product will enable people to show their appreciation to their favorite creators and will be initially tested with select creators in the US.

Meta is rolling out the new feature after giving Facebook and Instagram users across 100 countries the ability to share their NFTs on both platforms. The company made the announcement during Creator Week, which aims to empower people who create engaging content.

Meta’s head of Commerce and Financial Technologies Stephane Kasriel says the California-based firm sees the increasing adoption of Web3 tech as beneficial for the 300 million people worldwide who identify themselves as creators.

We believe Web3 tech, like blockchain, will positively enhance the economic model for creators by giving them the ability to create new types of digital assets to monetize and enable better and more sustainable ways for them to build their businesses.”

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