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Following the trend this week regarding crypto adoption, Instagram seems to have followed suit by teaming up with Polygon (MATIC), promoting an NFT marketplace with its blockchain.
This comes as no surprise with CEO of Twitter, Elon Musk, announced recently his plans to bring cryptocurrency to Twitter. Development plans have shifted attention on creating a paid subscription model for verified users, however crypto integration remains on the roadmap.
Through all the commotion, he may of altered competition to the revenue potential this development entails, sparking a race for the first social media crypto integration.
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MARKETPLACE ANNOUNCEMENT
This week, a plan to create a functional NFT marketplace where users can purchase, trade and sell NFT’s was announced. Tech giants, Meta Platforms, owners of the WhatsApp, Facebook, Instagram social media platforms made the announcement through the Meta Platforms Twitter account.
Quick recap on Polygon (MATIC)
Polygon token, MATIC, was founded in 2017. It presents itself as the solution that improves on the Ethereum blockchain. It is a ERC-20 token and currently ranks in the top 15 cryptocurrencies to own. Over 8500 decentralised app's are support by MATIC and continues to grow with its own NFT marketplace - predating the Instagram announcement. Polygon (MATIC) is doing incredibly well in the last weeks, showing major promise for future integrations and developments.
HOW IT WILL WORK?
Users will be able to create and sell NFT’s, with the ability to send off platform to external wallets. This gives content creators a wide variety of tools to help increase customer engagement, brand identity and image.
Currently, the project is undergoing a private beta test in selected countries before making a public release. Meta Platforms have also announced external wallets will be able to work with the platform, including MetaMask, Trust Wallet, to name a few.
Working with Opensea and other NFT platforms, Meta plans to use collection data to prove authenticity for NFT's, preventing scamming and selling illegitimate goods. For digital collectibles bought at launch, Meta Platforms has also pledged to abolish any gas fee’s. With this, content creators also have the option of setting a percentage for royalties earned.
Polygon's proof of stake mechanism means staking could be involved as a primary feature on the social media platform, however this is speculative and not currently announced as a feature.
RACE FOR 1ST
With the the battle for social media pound for pound champ status intensifying, investing in the user base is a smart move for social media platforms. With users spending up to at least an hour a day on their preferred outlet, revenue potential is there. TikTok giants are expected to compete, with their staggering number of daily users dwarfing Instagrams in recent months.
The bigger picture here though is the exposure to cryptocurrency will be introduced to a brand new audience. And with a user base in the multi-millions, on a very wide scale. This introduction could bring new investors, and converting more to the idea of decentralised currency.
Who gets it done first though?
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Thanks for reading! Peace out.
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Sources:
https://www.coindesk.com/web3/2022/11/02/instagram-users-will-soon-be-able-to-mint-and-sell-nfts/
https://www.forbes.com/advisor/investing/cryptocurrency/what-is-polygon/
https://twitter.com/Meta/status/1587929277864910849 (Tweet from @Meta)
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Links:
https://coinmarketcap.com/currencies/polygon/
Twitter: @MrCryptoCyan
