Meta will integrate the creation and trading of NFTs on Instagram

Meta will integrate the creation and trading of NFTs on Instagram

A “toolkit” for creators to create, display and sell “digital collectibles” in the form of NFTs is coming to social media platform Instagram.

Social media platform Instagram is about to introduce a number of non-fungible token (NFT) related tools that will allow creators to create, display and sell NFTs.

Instagram’s parent company, Meta, said on November 2 during its Creator Week 2022 event that the platform would allow its creators to create “digital collectibles” and sell them “both on and off Instagram.”

Meta says creators will have an “end-to-end toolkit” to create, display, and then sell NFTs within the platform and has chosen Polygon (MATIC) blockchain as the initial partner for this feature.

Concept images of Meta’s NFT interface for Instagram

meta nft instagram
Source: Meta

It says a “small group” of US-based creators will be eligible to test the new features on Instagram and expansion to other countries will follow, but offered no information on when that would happen. .

In addition to its current range of supported blockchains which include Ethereum, Flow, and Polygon, Meta has also revealed support for the Solana blockchain and its popular Phantom wallet.

Support for video NFTs will also be added, and metadata such as names and descriptions for certain NFT collections will be pulled from the OpenSea NFT marketplace.

Meta’s head of commerce and financial technology, Stéphane Kasriel, said that Meta won’t charge a fee to create or sell NFTs until 2024, and that blockchain gas fees for buyers will be covered by Meta “at launch,” but didn’t specify how long the launch timeline would be.

Stephane Kasriel said NFT transactions would still be subject to “app store fees”, referring to Apple’s 30% commission on NFT sales which drew heavy criticism for being more expensive than the commission average of 2.5% applied by NFT markets such as OpenSea.

With this, shoppers apparently won’t be able to purchase Instagram NFTs using the cryptocurrencies through the Instagram app, as Apple and Google only support in-app purchases using fiat currencies and prohibit buttons, external links or other actions that give users a way to bypass their commissions.

Meta hasn’t disclosed how much commission it plans to take from NFT sales or what its creator royalty system will look like, it’s unclear whether it will follow recent surges in NFT markets to move to opt-in royalty models.

Cointelegraph reached out to Meta for clarification on its commission and royalty structure, but did not immediately receive a response.

By Jesse Coghlan, Cointelegraph

Jesse has been a casual crypto investor since 2018 and is now a full-time writer in the Sydney-based crypto space with a strong interest in DeFi. When he’s not studying maps or writing, he enjoys traveling to learn about the history and culture of unique places.

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The opinions expressed here are solely those of the author and do not necessarily reflect the views of Forex Quebec. Every investment and trading move involves risk, you should do your own research when making a decision.

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