National Geographic has initiated the first-ever NFTs on Polygon and published a detailed explanation of the new technology on social media, eliciting rage from hundreds of fans of the 135-year-old nature-centric magazine.

NatGeo’s Instagram, Twitter, and Facebook account shared a photo of a Bored Ape Yacht Club (BAYC) NFT with a tagline about the increase of NFTs, which are specific blockchain tokens representing ownership, on Monday.

The posts on social media were intended to prepare the magazine’s popular audience for its NFT drop on Polygon, which was released on Tuesday and features work from 16 photographers, including Justin Aversano, Reuben Wu, Cath Simard, and John Knopf.

NatGeo has a humongous Instagram following (256 million), Facebook (49 million), and Twitter (well over 28.6 million). Despite the complaints, its Instagram account about NFTs received over 100,000 likes.

NatGeo has chosen to release NFTs at a time when the quantity of NFT trading is a fraction of what it once was. According to a Dune Analytics dashboard, Polygon saw only $15.39 million in total NFT volume transferred on OpenSea last month, representing a spectacular 80.5% drop from its all-time high of approximately $79.45 million a year ago.

People with interest in minting NatGeo NFTs have also revealed technical glitches. The minting appeared to be experiencing technical difficulties, but after an hour, the issue was resolved.

Posted Date: May 24, 2023