Polygonscore partners with Instagram to support NFT creators

Distributing Meta’s NFT Toolkit Latest Win for Layer 2 Blockchain Network

Meta may crater the stock market, but Polygon’s eye-opening deal with the social media giant won’t be any less sweeter.

Instagram users will soon be able to create and sell NFTs on Polygon, the Layer 2 blockchain with a total value locked at $1.3B, Meta said on November 2. Meta owns Instagram, which has 1B monthly active users.

Testing new features

“We’re testing these new features with a small group of creators in the US first, and hope to expand to more countries soon,” the firm said in the blog post.

Meta plans to launch an end-to-end toolkit that will allow Instagram creators to design and launch NFTs. The toolkit will initially support polygon-based NFTs, with Meta indicating that it will support other chains in the future.

On Twitter, Meta so Instagram users can also connect to the Solana network and its Phantom wallet to view the network’s non-fungible tokens, and can access information about NFT collections on OpenSea.

“Meta has chosen Polygon for MINTING digital collectibles,” tweeted Ryan Wyatt, CEO of Polygon studios. “For the first time ever, creators will be able to create and sell polygon-driven digital collectibles on Instagram.”

Emphasizing that 50 million people see themselves as online creators worldwide, Polygon emphasized that NFTs allow people to own their digital content online. Sandeep Nailwal, Polygon’s co-founder, described the deal as an important step towards bringing one billion users to web3.

Creative economy

“The value added to the creative economy is unparalleled, and defending verifiable digital ownership on a platform with such reach will help us further our goal of bringing the next billion users to Web3,” so Polygon co-founder Sandeep Narwal.

Polygon’s native MATIC token is up 10% today with a market cap of $8.5 billion, according to CoinGecko.

Same day, Arweave announced that Meta will use its distributed ledger technology to store Instagram’s digital collectibles. “NFT permanence is a sign of digital asset quality,” tweeted Sam Williams, Arweave’s co-founder and CEO.

Meta said Instagram would begin testing features that allow users to share NFTs back in May. Meta said it would try Ethereum and Polygon-based NFTs first, with support for Solana and Flow to follow.

Microstrategy could have received $1.3 billion if Saylor had bought ETH

Defiant Data Crunch shows that Ether would have paid well for Software Maker

On June 30, the firm said Facebook was also testing NFT features with select creators. Two months later was NFT sharing rolled out across both Facebook and Instagram along with support for NFTs on the Flow network.

“By building support for NFTs, we aim to improve accessibility, lower barriers to entry and help make the NFT space more inclusive for all communities,” said Meta.

This is just the latest mandate Polygon has won from large companies.

Waiting list

October 20, Nubank, a fintech bank serving more than 70 million customers in Latin America. announced that it will launch its own blockchain and token leveraging Polygon’s technology.

In September, Robinhood, the popular investment app, launched the beta version of its Polygon-based web3 wallet to the first 10,000 people on its waiting list. Robinhood first announced that it would launch a polygon-based wallet in May.

Reddit, the social media platform, also launched a polygon-based NFT marketplace in July. Trading volume for the collection increased last month, with Reddit’s NFTs driving more than $10.4 million in cumulative trades.