Instagram to support Polygon-powered NFT marketplace

Quick Take

  • Instagram will soon allow creators to mint and sell Polygon based NFTs, according to Meta.

In Meta’s latest bid to expand into the crypto ecosystem, Instagram will soon host a marketplace for NFTs starting with support for Polygon, the company announced.

The features are live with a small group of creators in the U.S. and will be expanded to other countries soon. Support is also live for Solana’s Phantom wallet, Meta said, adding that information for collections from OpenSea can now be viewed on the platform.

A creator economy potentially worth $100 billion cannot be realized without a digital economy with greater portability than today’s web services, Stephane Kasriel, Meta’s commerce fintech and web3 lead, said in a blog post. Meta’s ongoing strategy is to help creators earn a living, and the company won’t charge fees in its digital collectible marketplace until 2024 and will cover any blockchain-related gas costs.

The digital asset feature expansion follows Meta's announcement last month to integrate NFT visibility and access for Facebook and Instagram.

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