Instagram is bringing crypto to billions of people through the web 2.0 platform. This was released by Facebook on Monday, when the crypto space was worrying about many other things such as the UST drop from the dollar. In a recent interview with Bankless, on May 19, the Polygon team gave insight into the scope of the adoption.
The Bankless hosting team, Ryan Adams and David Hoffman, described the project that brings Web 3.0 protocols on Web 2.0 platforms “The webtrization of web 2 applications”
Stripe Moving To Web 3.0
Another big news is that Stripe is also moving towards web 3 integration. It is a popular platform for buying digital goods.
He said that platforms such as Stripe and Instagram have already partnered with the blockchain network to grant read permissions for NFTs. Eventually, these will be upgraded to write permissions.
In the interview, featuring Polygon co-founders, Sandeep Nailwal and Mihailo Bjelic, the Bankless team member, David Hoffman, said that as far as the industry is concerned, that the web 2 platforms are mostly broken. He said that what is needed at the moment is a rebuilding in the face of the downturn and the bear market. Hoffman said that what Polygon is working on with NFTs at the moment will entertain the crypto community in this bear market.
Adoption for Survival
Instagram has long been suggested as an ideal platform for NFT and Mark Zuckerberg has announced that the platform is adding NFTs. This addition will enable the users of the platform to use NFTs as profile pictures.
According to Mihailo, it has become obvious to Facebook that the integration of web 3.0 protocols is essential to the survival of their platforms.
The Scale of Onboarding
The Instagram Facebook team in their quest to adopt web 3.0 is big. The Polygon team says that they’re aware that there could be scaling problems based on the capacity of the Polygon network. Instagram is already in a read mode on Polygon, as a preamble to integrating with the blockchain for NFT for users.
Adopting Decentralization Principles
Mihailo Bjelic said that the realization that web 3.0 is the future is driving Facebook to adopt it. He added that the support of decentralized protocols is an indication that Facebook is willing to embrace the principles behind decentralization.
David Hoffman said that the prospect is exciting , but expressed caution at being too optimistic that Meta would embrace that level of openness as seen in decentralized platforms. He mentioned that Facebook has a competent team working on the implementation, adding that this is one of the big news for the industry.
The discussion shows that Ethereum and Polygon will go live on Instagram at a read level. One or two other blockchains will be added later.