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Problem for OpenSea – social media giant is joining NFT race

Instagram will support NFT creators and collectors by allowing them to mint or trade Polygon-based NFTs on their platform.

The adoption of non-fungible tokens (NFTs) is increasing along with cryptocurrencies. Meta will compete with the biggest NFT marketplaces in the world thanks to its new step. 

No metaverse without NFTs

It is essential for Mark Zuckerberg to support NFTs as his company is working on building a metaverse. This metaverse would be a digital place where users could buy digital items or services as NFTs. The social media giant will make it possible for users to mint or trade NFTs inside Instagram.

Related article: Bitcoin adoption increases with African retailer Pick n Pay

Right now, OpenSea and Magic Eden are the biggest NFT marketplaces in the world. However, this could change soon if people react positively to this new feature that Instagram will add. There’s a lot at stake for Zuckerberg as META stock has been dropping since he announced the plans to make metaverse.

Meta stock chart, source: finviz.com

So now, the social media app with more than a billion users will allow them to access an NFT marketplace, which allows people to mint, buy, sell or send these digital assets. This announcement clearly states that Meta is exploring the possibilities of Web3 space despite the falling prices of almost all assets. 

In May, Meta gave people the option to display their NFTs as profile images. Now they want to extend the use case of NFTs by adding a marketplace. Meta’s reach could make it the number one NFT marketplace with the right approach. 

Polygon and Solana blockchain support

Polygon will be the first tested blockchain of the Instagram NFT marketplace, according to the company’s announcement. The functionalities have already gone live with a select number of American creators. They will soon be available in other nations as well. 

Also read: This is how crypto “Uptober” actually went

Right after the announcement, the price of Polygon (MATIC) skyrocketed. Polygon is up 14.5% in the last 24 hours and is attempting to break the $1 level again. MATIC is up approximately 200% from its June bottom, performing better than most cryptocurrencies exactly because of positive events like this one.

Polygon hourly chart, source: tradingview.com

According to Meta, support for Solana’s Phantom wallet is also live, and platform users may now view collections from OpenSea. The current strategy of Meta is to help content creators to make a living using its platforms. The marketplace will be free of cost, while OpenSea charges 2.5% for every trade.

Meta also plans to cover any blockchain-related gas fees and wants to keep it that way until at least 2024. This decision could really boost the popularity of NFTs while saving users millions of dollars. It is still just a testing phase, but it might positively impact NFT and crypto markets. 

I got into financial markets by accident in 2012 and started with Forex trading. Later in 2017, I started investing in stocks in cryptocurrencies and began writing articles profess...

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