It has been a groundbreaking week for Meta, and now they are announcing that they will use the Polygon blockchain to extend their reach into the Web3 space. This week, the CEO of Meta, Mark Zuckerberg, confirmed that Instagram will now allow NFTs on their platform.
Today, Ryan Wyatt, CEO of Polygon, announced the latest Meta news. In a tweet to his 416 thousand followers, he said, “We’re excited to share that @Meta is partnering with @0xPolygon as they push into web3. Facebook is choosing Polygon due to our carbon neutral footprint, the scale we can offer, and the developer ecosystem choosing to build on Polygon.”
The news comes in a chaotic week for the cryptocurrency and NFT markets. Many projects are down significantly in market value, and there seems to be no sign of it slowing down. However, Meta sees Web3 as a future investment. They will enter the economy now and reap the rewards in the future.
What is Polygon, and how will Meta use it?
Polygon is an Ethereum Layer 2 scaling solution, commonly known as a ‘layer two’ or ‘sidechain’. Running alongside Ethereum, it allows for low fees and speedy transactions. The network has a native cryptocurrency called MATIC, which is used for payments, staking, and more.
In April, Polygon announced a new plan, ‘The Green Manifesto,” to change their entire ecosystem. Polygon plans to move to a more sustainable era and aims to be ultimately carbon negative by the end of 2022.
They are introducing numerous measures, including creating a climate offset vertically within their ecosystem. They will focus on community initiatives and fund projects that use technology to combat climate change.
In fact, they have created a $20 million fund to ensure it works. Significantly, this is one of the primary reasons that Meta has chosen Polygon as its primary blockchain moving forward.
In the announcement yesterday, Instagram confirmed that Polygon, alongside Ethereum, will feature upon the launch of their NFT integration.
Moreover, in the blog, they said, “We understand that blockchain technology and NFTs raise important questions on sustainability. Meta will help reduce the emissions impact on Instagram by purchasing renewable energy. Learn more about our commitment to sustainability.”
Meta will attempt to welcome billions of users to Web3
Polygon is also helping to move Web3 on, and Meta realises this. The company is investing in brand new zero-knowledge (ZK) technology. Many believe ZK will also play a key role in introducing the world to Web3. This is huge because Meta has billions of daily users across its platforms.
Finally, in quarter two of 2022, Meta reported 2.87 billion people were using at least one of Facebook, WhatsApp, Instagram, or Messenger, daily. Now by using Polygon, Meta will begin to introduce Web3 into these platforms, starting with Instagram.