Instagram announces the arrival of a new NFT feature and boosts the Matic cryptocurrency

Soon, it will be possible to create and then sell or exchange your NFTs on Instagram.

Instagram continues to move forward in the world of NFTs. Soon, it will be possible to create and then sell or exchange your NFTs on the social network, like specialized platforms like Opensea. The group had announced that it was working on the integration of NFTs last May and then offered American users the possibility of connecting their “wallet” (digital wallet) and sharing their NFTs. In a press release published on November 2, Instagram goes further by announcing the upcoming implementation of an in-app tool to create, share and sell NFTs, whether on Instagram or on other websites. other platforms.

As a reminder, an NFT (“non-fungible token”) is a digital title, issued by a blockchain (mainly Ethereum), and associated with a digital asset (photo, video, etc.). Each NFT is unique and cannot be reproduced. NFTs are used in art, the luxury sector or for trading cards in sports.

These NFT creations will be on the Polygon blockchain, which was chosen by Instagram’s parent company Meta, as Meta announced on social media.

A few influencers are testing the concept

At this stage, no implementation date has really been announced. We just know that a few influencers on the US side are already testing the concept. It should also be noted that the price of Matic, the cryptocurrency which is linked to the Polygon blockchain, has increased by more than 17% since Thursday.

In mid-May, Instagram announced that it was launching into NFTs. A handful of American creators and collectors had been chosen to share NFTs on Instagram, revealed its boss, Adam Mosseri. “The creator economy is incredibly important to Instagram,” he said. But unlike Twitter, which has been charging its users to put their NFT on their profile picture since January, Instagram had chosen to make this feature free.

Aude Kersulec edited by PA

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