Meta’s Instagram is ready to jump into the NFTs business, where Polygon team will help to provide NFTs blockchain network support.
Polygon network is an Ethereum scaling Solution network and now the network of Polygon is much better for the crypto devs because of its ability & potential to process crypto transactions as well as NFTs collectibles transactions at low fees over the Ethereum network.
On 3 November, Instagram, a popular social video & picture share platform by Meta, announced that it is going to launch a new feature where Instagram users will be able to create & trade NFTs in the ecosystem of Instagram directly.
Alongside these things, Instagram will also work on the integration of crypto wallets like Solana-based Phantom wallet & giant NFTs trade platform OpenSea.
Instagram also announced that it is going to test the new feature with some selected creators in its ecosystem.
Initially, Instagram started its development work to bring NFTs into its ecosystem in 2021. At that time the company aimed to allow the users to showcase their NFTs holdings as a profile picture & nothing.
It is worth it to note that many comments in the Instagram Twitter announcement thread are showing that people are curious to know what will be NFTs trade commission fees in the Instagram’ NFTs trade ecosystem.
Recently giant luxurious mobile manufacturer Apple inc announced its new policy for NFTs-related Applications. Through the announcement, Apple strictly ordered not to allow any NFTs trade (buy or sell) in the app via a third-party website or external link and also ordered not to allow any new unlock feature with NFTs as a utility. In short, the change in the policies for NFTs-related apps was an order to force all such types of apps to use the in-app purchases system of Apple with a total of 30% trade fees as a commission.