The meta will integrate the creation and trading of NFTs on Instagram
A “toolkit” for creators to create, display and sell “digital collections” in the form of NFTs is coming to social media platform Instagram.
Social media platform Instagram is about to introduce a number of tools related to non-fungible tokens (NFTs) that will allow creators to create, display and sell NFTs.
Instagram’s parent company, Meta, said on Nov. 2 during its Creators Week 2022 event that the platform would allow its creators to create “digital collections” 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 the Polygon (MATIC) blockchain as the initial partner for this feature.
Conceptual images of Meta’s NFT UI for Instagram
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 NFT videos will also be added, and metadata such as names and descriptions for some NFT collections will be pulled from the OpenSea NFT marketplace.
Meta’s head of trading and financial technology, Stéphane Kasriel, said that Meta will not charge a fee to create or sell NFTs until 2024, and that blockchain gas fees for buyers will be covered by Meta “initially,” but did not specify what the timeline for the launch would be.
Stephane Kasriel said NFT transactions will 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 average commission of 2.5% applied by NFT markets such as OpenSea.
With this, buyers will apparently not be able to purchase Instagram NFTs using 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 if it will follow the recent surge in NFT markets to switch to authorization models .
Cointelegraph reached out to Meta to clarify the commission and royalty structure, but did not immediately hear back.
By Jesse Coghlan, Cointelegraph
Jesse has been a casual crypto investor since 2018 and is now a full-time writer in the crypto space based in Sydney 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.
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 research when making a decision.
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