Cryptocurrency News

Instagram Will Let Users Mint and Sell NFTs Using Polygon Chain

By November 3, 2022 No Comments
Instagram app cover image

Key takeaways:

  • Meta has announced a series of NFT-related updates for Instagram
  • Instagram users will be able to mint and sell NFTs using the Polygon blockchain
  • In addition, Meta revealed it will be using Arweave to store Instagram NFTs

Meta announces a fury of NFT updates for Instagram

Social media giant Meta announced today a number of non-fungible token (NFT) focused updates for its photo and video-sharing platform Instagram. According to TechCrunch, Instagram users will be able to mint digital collectibles on the Polygon chain and offer minted creations to their followers.

Moreover, the tech giant also revealed that it will be adding support for Solana and the Solana-oriented Phantom wallet. The Meta team shared the news on Twitter:

Following the announcement, the price of Polygon’s native utility token MATIC rallied by more than +10%, hitting $0.96 at press time. Meanwhile, the price of Solana’s native SOL token remained largely unchanged, trading flat for the day.

Meta starts using Arweave to store NFTs from Instagram, AR explodes by +60%

In addition to the minting and trading announcement, Meta also revealed that it has started using Arweave for NFT storage purposes. “Instagram users are now able to issue digital collectables for their posts, stored on Arweave,” wrote Arweave founder and CEO Sam Williams on Twitter.

Williams commended Meta for picking Arweave as its primary storage solution and added, “NFT permanence is a sign of digital asset quality.”

Launched in 2017, Arweave is a scalable decentralized storage network (DSN) that connects people who have extra computer disk space with those that need more computer storage. 

After the announcement of Meta integration, the price of Arweave’s native AR token surged by more than +60% and hit its three-month high of $17.50 earlier today. By press time, AR’s price retraced to $15.12, showing a 24-hour price change of +51%.