Instagram, like Reddit, utilized Polygon for its NFT plans while seeking to provide users with permanent storage via Arweave.
The day has been significant for Arweave and Polygon.
MATIC on the network has increased by 14.3% since yesterday, as reported by CoinGecko, due to the announcement that Instagram will use the Polygon blockchain to allow users to mint and sell NFTs.
This is the most recent Web3 integration for the social media network, which faces heavy competition from TikTok and Alphabet’s YouTube.
The AR token of decentralized data storage platform Arweave is up 59.2% since yesterday, according to CoinGecko, after Instagram revealed it would use Arweave to store its authors’ NFTs.
Unlike YouTube and TikTok, Instagram has long been criticized by creators for its lack of direct creator pay. However, Instagram suddenly looks to be caving in, possibly due to TikTok’s seemingly overnight growth.
Stephane Kasriel, Meta’s Head of Commerce and Fintech said that Blockchain can enable totally new business models for creators that give them greater control over their work and audiences, as well as how they monetise their creations.
Blockchain has a role in this because it can enable entirely new business models for creators that give them more control over their work and audiences, and how they monetize. But for this tech to truly boost economic opportunity for creators, it needs to be easier to use. [5/6]
— Stephane Kasriel (@skasriel) November 2, 2022
Reddit has recently utilized Polygon’s blockchain for its wildly successful Collectible Avatars NFTs, which have been one of the few bright spots in a plummeting NFT industry.
In contrast, Arweave’s blockchain is renowned for providing decentralized storage space that is theoretically difficult to alter. Users acquire space by purchasing an AR token.
Meta’s move is a vote of confidence in blockchain technology, even though the cryptocurrency market as a whole is in a slump and the prices of Bitcoin and Ethereum have been stuck around $20,000 and $1,500, respectively, for the past few months.
In May, Meta said that some creators would be able to show their NFTs on their Instagram and Facebook profiles.
Creators can now show NFTs on the Ethereum, Polygon, and Flow blockchains, and Solana and Phantom wallets will soon be able to do the same.
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