Facebook (Meta) has announced some integrations with the projects behind three altcoin projects. According to Meta’s statements, NFT will be bought and sold on Instagram soon. In this respect, the Polygon (MATIC) network will be supported primarily. Also, Meta will pave the way for NFTs to be showcased on Instagram. For this, Solana (SOL) and Phantom (PHM) added wallet support. Here are the details…
Facebook provided integration for 3 platforms
Meta announced today that it’s rolling out a series of new creator updates on Instagram and Facebook. Most importantly, the company announced that creators on Instagram will soon be able to create their own NFTs and sell them directly to fans, both on and off Instagram. With this update, creators will have access to a toolkit to help them showcase and sell NFTs. Polygon was the first partner Meta chose for this feature.
People on Instagram will be able to purchase NFTs directly within the app. Meta says the process will happen with traditional in-app purchases on iOS and Android. For now, Instagram does not take a share of the revenues of the creators. Meta is testing this new feature with a small group of creators in the US. It plans to expand to more countries in the future. Instagram is also adding support for the Solana and Phantom wallet, in addition to the Blockchain and wallets it currently supports, including Rainbow, MetaMask, Trust Wallet, Coinbase Wallet, Dapper Wallet, Ethereum, Polygon, and Flow.
Altcoin prices soar
After the statements about Facebook, MATIC first gained value. The cryptocurrency managed to rise from $ 0.84 to $ 0.97. At the time of writing, it seems to have calmed down at $0.95. Solana (SOL), on the other hand, rallied from $30.30 to $32.74. It’s changing hands at $31.83 at the time of writing. Finally, Phantom (PHM) rose from $0.00006075 to $0.00006303. It is changing hands at $0.000062 with a slight pullback at the time of writing.
Meta trying to attract users
In addition, information for certain collections where OpenSea has enriched metadata such as collection name and descriptions will now be available on Instagram. In addition to NFT updates, Instagram will expand subscriptions to all eligible creators in the US. cryptocoin.com As we reported, the platform began testing subscriptions with a group of creators back in January. This feature allows creators to offer their followers paid access to their exclusive Instagram videos and stories. Subscribers also get a special badge that helps them stand out in the comments section and in creators’ inboxes.
The new changes come at a time when Meta is investing in its creator user base as it sees the potential in a new revenue stream from things like creator subscriptions. With these new updates, Instagram is trying to bolster its platform against the competitive threat from TikTok, which is attracting a growing number of creators. Meta seems to need the support of creators as they continue to build the metaverse.
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