Meta Selects Polygon Blockchain To Solidify its Presence in Web3
Meta, formerly Facebook, is going through a crucial period. As competition in the Web3 space intensifies, the company has chosen Polygon blockchain to cement its position. Notably, a few days before, Mark Zuckerberg, CEO of Meta, affirmed that the Instagram ecosystem will start permitting the use of NFTs.
Ryan Wyatt, CEO of Polygon, has confirmed the aforesaid details. Through a tweet to his 415k+ followers, he revealed his happiness over the partnership with Meta. He specifically pointed out that Facebook has chosen Polygon for its neutral carbon footprint, scalability features, and developer environment.
The news has come amid a tumultuous week for the crypto and NFT markets. Several ventures have lost considerable market value and there are no indications of a slowdown in sell-off. Nevertheless, Meta perceives Web3 as a great investment for the future.
Polygon is an Ethereum Layer 2 scaling platform, commonly referred to as ‘layer two’ or ‘side chain.’ Functioning in parallel with Ethereum, Polygon paves way for low fees and quick transactions. The native crypto of the network is known as MATIC, which is utilized for payments, staking, and much more.
Back in April, Polygon revealed a new initiative, named ‘The Green Manifesto,’ to modify their complete environment. Polygon intends to shift to a more eco-friendly era while transforming into a carbon-negative chain by the end of this year.
The core team is working on several aspects, including the establishment of a climate offset within their environment. Furthermore, Polygon is also focused on funding community projects that utilize technology to fight climate change.
As a matter of fact, they have set up a $20 million fund to make sure that the objective is achieved. Notably, this is one of the major reasons for Meta to choose Polygon as the primary blockchain.
Interestingly, Instagram has affirmed that Polygon and Ethereum will be used for realizing the NFT integration. Through a blog post, Instagram stated that “We recognize that blockchain technology and non-fungible tokens (NFTs) present significant concerns about long-term viability. By acquiring green energy, Meta will contribute to the reduction of Instagram’s carbon footprint.”
Polygon is also aiding to improve Web3 and Meta has understood it. In this regard, the company is investing in zero-knowledge (ZK) technology. Professionals trust that ZK will play a pivotal role in providing Web3 access to the world. The news is an important development because Meta has over 1 billion daily active users on its platforms.
Eventually, in the second quarter of 2022, Meta had 2.87 billion people using at least one of the company’s services i.e. Facebook, Instagram, Whatsapp or Messenger on a daily basis. By using Polygon, Meta will start introducing Web3 in the platforms and Instagram stands first on the list.