Meta has had a historic week, and they are now announcing that they would use the Polygon blockchain to expand their reach into the Web3 sphere. Mark Zuckerberg, the CEO of Meta, stated this week that Instagram will now support NFTs.
Users of Instagram will be able to publish and share NFTs as early as this week. Meta’s NFT move will be powered by Polygon, an Ethereum Layer 2 scaling solution, and will be available to select artists, according to a video shared by CEO Mark Zuckerberg. Meta said that support for NFTs on the Solana and Flow blockchains will be available soon.
Select creators and collectors can now showcase their NFTs to a wider audience.
— Polygon – MATIC 💜 (@0xPolygon) May 9, 2022
The announcement comes during a difficult week for the cryptocurrency and NFT markets. Many projects’ market value have dropped dramatically, and there looks to be no sign of a recovery. Meta, on the other hand, sees Web3 as a potential future investment. They will invest in the economy today and reap the benefits later.
Head of Instagram Adam Mosseri stated:
- The goal of NFTs, blockchain technology, and Web 3.0 is to distribute trust and power to a larger community.
- As a centralized platform, Instagram will begin small in order to learn from the community.
- Instagram intends to embrace the principles of NFTs and decentralization and make them more accessible to a bigger audience.
- The present methods for making money online and earning a living are unpredictable and continually evolving.
- The concept of owning a one-of-a-kind digital object, such as an NFT, is an interesting possibility for a subset of some creators.
Why will Meta use Polygon?
Polygon is an Ethereum Layer 2 scalability solution, also known as a ‘sidechain’ or ‘layer two.’ It enables minimal costs and fast transactions when used in connection with Ethereum. MATIC, the network’s native cryptocurrency, is used for payments, staking, and other uses.
Polygon launched a new initiative, called “The Green Manifesto,” in April to transform their whole ecosystem. Polygon wants to move to a more sustainable era, to become carbon negative by the end of 2022.
They’re adopting a series of elements, including adjusting the climate vertically inside their ecosystem. They will support projects that use technology to deal with climate change and will focus on community programs.
They’ve even set aside $20 million to ensure the system works. One of the key reasons Meta has decided to adopt Polygon as its primary blockchain in the future is because of this.
Instagram revealed that Polygon, along with Ethereum, will be included in the launch of their NFT integration.
“We acknowledge that blockchain technology and NFTs face important sustainability difficulties,” they said in a blog post. By buying renewable energy, Meta will help Instagram lower its carbon emissions.
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