Instagram is developing an NFT minting and sale feature through its app, parent company Meta announced Wednesday. At launch, Instagram will use the Polygon blockchain for NFT-minting. Additionally, the app will download NFT metadata from OpenSea so that Instagram users can read collection names and descriptions. For early access to the new Instagram NFT features, creators including photographer DrifterShoots, visual artist Ilse Valfré, and artist Amber Vittoria are chosen. Photographer Dave Krugman, who was also given early access to Instagram’s new NFT features, said, “Instagram was a catalyst in my creative career—it decentralized the publishing of imagery—much like the printing press did for the written word”
When Facebook and Instagram’s parent company, Meta (FB), announced that it will use the Web3 platform to archive its artists’ digital collectibles, AR, the native currency of the blockchain-based data storage system Arweave, skyrocketed. In just 24 hours, the AR token increased by more than 60%, from $10.5 to $16.6. According to Sam Williams, CEO and co-founder of the Web3 platform, Instagram users may now create digital collectibles for their posts that are saved on Arweave thanks to the connection.
Jerome Powell, the chairman of the FOMC, says it is too soon to think about stopping rate increases. The Fed chair predicted that rates would ultimately be higher than anticipated. Following the announcement, bitcoin initially rose, but it fell 1.8% after his remarks. According to the FOMC, continuing hikes in the target range will be necessary to bring inflation back to 2%. Importantly, the Fed stated that it will take a number of variables into account before making any increases, including “the cumulative tightening of monetary policy, the lags with which monetary policy affects economic activity and inflation, and economic and financial events.”
That’s it for today, see you tomorrow