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Meta's Instagram will have a built-in NFT function, and Arweave, Matic, etc. will rise

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Meta announced that Instagram, its subsidiary, is developing an NFT minting and selling function, which uses Arweave to store digital collections of Instagram creators, and will first support NFT on the Polygon network.

BlockBeats news, on November 3, Meta announced that its Instagram is developing NFT minting and selling functions through its application, allowing users to design and mint NFTs and sell them through Instagram. Instagram will also obtain NFT metadata from OpenSea, allowing users to view NFT information on Instagram. Meta will first open up new NFT functions to designated artists and content creators, and will make these functions available to a wider range of users in the future.

Meta is reportedly using Arweave to store digital collections of Instagram creators. Meta's director of business and financial technology, Stephane Kasriel, said that Meta will not charge fees for creating or selling NFTs until 2024, and plans to pay gas fees for buyers at launch, but any in-app transactions will still be subject to app store fees. .

The tool will initially support NFTs from the Polygon network. It is also reported that the Web3 information index distribution protocol RSS3 has started related adaptation work for this function. After the adaptation is completed, NFT information will be displayed across social platforms. Additionally, Meta will initially roll out new NFT features to selected artists and content creators before making them available to a wider audience.

< p>Maybe affected by this, as of the time of publication, Arweave’s native Token AR has risen by 66.79% in 24 hours, and the current price is 16.93 US dollars. 103.16%, and is currently quoted at $0.317.

Recently announced Meta's third-quarter 2022 financial report shows that Meta's third-quarter revenue was $27.7 billion, a 46% drop compared to 2021. Spending rose 19 percent year-over-year to $22.1 billion. Net income was $4.4 billion, down 52% year-over-year, and diluted EPS was $1.64, down 49% year-over-year.

Among them, the income of Metaverse and virtual reality department Reality Labs That was down nearly 50% from the previous year, with a quarterly loss of $3.67 billion for the division alone. Affected by this, Meta shares plummeted nearly 20% in after-hours trading. The new attempt made by Instagram this time may be Meta’s eagerness to reverse the loss situation.

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