Instagram Users Will Soon Be Able to Mint and Sell NFTs
Instagram is creating a buzz with the announcement that its users will soon be able to create their own NFTs and sell them both on and off Instagram.
During its Creator Week 2022 event in Los Angeles, Meta (META) announced a new feature that enables Instagram users to create, display, and sell non-fungible tokens (NFTs) on the platform. This update allows creators to have access to a toolkit that will help them create, showcase and sell NFTs. Polygon is the first partner that Meta has chosen for this feature.
Instagram Becomes The Latest NFT Marketplace
Users on Instagram will have the chance to support their favorite content creators by buying their non-fungible tokens (NFTs) directly within the app. Meta says this new set of toolkits will first be tested by a small group of creators in the U.S. and plans to expand it to more countries in the future.
According to the company, the process will take place via traditional in-app purchases across iOS and Android. And for now, the platform is not planning to take a cut of the creators’ revenues. Besides, content creators will also be able to sell their NFT collectibles outside the platform.
Instagram is also adding support for the Solana blockchain and Phantom wallet, which join the blockchains and wallets that it already supports, including Rainbow, MetaMask, Trust Wallet, Coinbase Wallet, Dapper Wallet, Ethereum, Polygon and Flow.
“This move represents a remarkable milestone in the evolution of Instagram’s existing NFT functionality and a natural next step to bring Web3 to the mainstream,” said Polygon co-founder Sandeep Nailwal.
Meta has successfully garnered a partnership with Polygon blockchain to achieve this functionality.
Meta Will not Charge Fees For the New Feature Until 2024
Meta plans to expand the type of digital collectibles and integrate video NFTs and get information about selected existing NFT collections, such as names and descriptions, from the NFT marketplace OpenSea.
Stephane Kasriel, Meta’s head of commerce and financial technology, said in a statement: “Meta won’t charge fees to create or sell digital collectibles until 2024 (though in-app purchases are still subject to app store fees), and at launch, we’ll be covering blockchain fees (known as “gas fees”) for buyers.”
As both Apple and Google only support in-app purchases with fiat currencies Instagram users will not be able to purchase NFTs with crypto from the Instagram app. In addition, Apple updated its App Store guidelines stating that users cannot include buttons, external links, or other calls to action that direct customers to external purchasing mechanisms and its newly announced 30% commission fee on NFT sales would still apply to NFT transactions.
Meta’s Controversial Web3 Push
Meta’s huge gamble on web3 has been the subject of multiple controversies. Zuckerberg’s bet on the metaverse fails to yield a profit, and shareholders of the company formerly known as Facebook are growing anxious.
As we know, Horizon Worlds is the company’s flagship metaverse product and it has failed to meet internal standards. This has raised concerns among investors and web3 stakeholders alike.
The company has clarified that its web3 ambition is a long-term commitment and that current hurdles will not deter its metaverse plans.
The Bottom Line
In fierce competition with TikTok and YouTube, this is the social network’s latest Web3 integration. This new feature will allow creators not only to display NFTs but also to earn money from them.
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