Meta will integrate the creation and trading of NFTs on Instagram
A “toolkit” will be available for creators to create, display and sell “digital collectibles” in the form of NFTs to the social media platform Instagram.
The social media platform Instagram is about to introduce a number of tools related to non-fungible tokens (NFT) that will allow creators to create, display and sell NFTs.
Instagram’s parent company, Meta, announce On November 2 during the Creator Week 2022 event, the platform will allow its creators to create and sell “digital collectibles” “on and off Instagram.”
Meta says that the creators will have a “comprehensive toolkit” to create, display, and then sell NFTs within the platform and have chosen Blockchain Polygon (MATIC) as the initial partner for this feature.
Meta NFT Interface Conceptual Images for Instagram
It says that 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 it hasn’t provided any information on when that might happen.
In addition to its existing suite of supported blockchains that include Ethereum, Flow, and Polygon, Meta has also revealed its support for the Solana blockchain and the popular Phantom wallet.
Support for video NFTs will also be added, and metadata such as names and descriptions for some NFTs will be pulled from the OpenSea NFT Marketplace.
Head of Meta Trading and Financial Technology, Stefan Kasriel, announce That Meta would not charge fees to create or sell NFTs until 2024, and that blockchain gas fees for buyers would be covered by Meta “at launch,” but did not specify the time period for the launch.
Stefan Kasrel said that NFT transactions would still be subject to an “app store fee,” referring to Apple’s 30% commission on NFT sales that has drawn heavy criticism for being more expensive than the 2.5% average commission applied by NFT marketplaces such as OpenSea.
With this said, it appears that shoppers will not be able to purchase Instagram NFTs with cryptocurrency through the Instagram app, as Apple and Google only support in-app purchases using fiat currencies and block buttons, external links, or other actions that give users a way to bypass their commissions.
Meta hasn’t revealed how much commission it plans to get from NFT sales or what the creator equity system will look like, and it’s unclear whether it will follow recent increases in NFT markets to move to equity models.
Cointelegraph reached out to Meta for clarification on the commission and ownership structure, but did not immediately receive a response.
Written by Jesse Coghlan, Cointelegraph
Jesse has been an unofficial investor in cryptocurrency since 2018 and is now a full-time writer in the crypto space 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 those of the author only and do not necessarily reflect the views of Forex Quebec. Every investment and trading move involves risks, you should do your own research when making a decision.
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