Despite the collapse of the NFT market in recent months, initiatives continue to rain. Today, the Instagram social network with more than 2 billion users is announcing the creation of an NFT marketplace. The goal? Eventually allow users to create, buy, resell or trade non-fungible tokens.
An NFT marketplace that works with Polygon!
Soon, users of the Instagram social network will be able to buy and resell NFT. An item just shared the Twitter Watcher.Guru account.
JUST IN: Meta announces support for buying and selling #Polygon NFTs on Instagram.
— Watcher.Guru (@WatcherGuru) November 2, 2022
For users, the functionalities do not stop at the provision of a simple marketplace. Instagram also states that it will soon be possible to mint NFTs from its platform. Initially, the creation project will only be open to a limited number of users who will be able to sell via the platform. Eventually, the social network obviously aims to deploy this feature to all users.
In order for the tool to be fully functional when it is deployed on a large scale, Instagram wants to offer a toolkit to help users navigate between the different features. Help will also be given to creators so that they can create and sell their NFTs as easily as possible. To ensure that everything goes for the best, the social network has chosen the blockchain Polygon, reputed to be robust, functional and above all easy to use. The announcement also states that Meta is working to expand the types of digital objects that can be shared on the Instagram social network.
Good to know : The Polygon blockchain is what is called a second layer blockchain. Its primary use is to respond to the shortcomings of the Ethereum blockchain, in particular by unclogging the network.
Can the news revive the NFT market?
By implementing this new feature, Instagram could quickly play a leading role in the NFT market. A market that has suffered even more than that of digital assets since the start of the bear market in November 2021. As Bloomberg reported last September, the volumes of NFTs traded have collapsed since January. Going from 17 billion dollars traded in January 2022 to less than 500 million in September. In the space of 9 months, the market has experienced 97% free fall.
It is in this context that Instagram intends to recover a largely affected market. And for that, the Instagram marketplace wants to be inclusive. As detailed in the Meta Group’s announcement:
We’re also expanding the types of digital collectibles you can feature on Instagram to include videos and adding support for the Solana blockchain and Phantom wallet, in addition to the blockchains and wallets we already support. […]. Information relating to certain collections whose metadata has been enriched by OpenSea.
Between investments in the metaverse and conquering the NFT market, there are many fights at Meta. During the publication of the figures for the second quarter of 2022, the company was further penalized in the markets after announcing losses of up to 3.7 billion dollars. But once again, Mark Zuckerberg wanted to be reassuring and affirmed that the investments made today will bear fruit in the future:
We are putting increased energy and focus around our core business priorities that unlock short- and long-term opportunities for Meta and the people and businesses that use our services.
What impact on the MATIC course?
This news did not leave the market unmoved. As evidenced by the evolution of MATIC course these last hours. In 24 hours, the native token of the Polygon blockchain saw a sharp rise: +11.2% in a slightly bearish market context (-0.40%). As of this writing, the token is trading for $0.9625.
MATIC is now at the gates of the top 10, since the project appears in eleventh place among the biggest marketcaps. With a valuation of 8.4 billion dollars.