Instagram said that it will start enabling a select number of digital creators to generate and sell non-fungible tokens (NFT) straight from the social media platform starting this week. Creators will now be able to create digital collectibles and sell them on and off of Instagram thanks to a new feature that Meta (META) unveiled during its Creator Week 2022 event.
The image-centric app just made its Digital Collectibles feature available in 100 nations, enabling users to link to their digital wallets and display NFTs that they have either made or purchased. The linked NFTs are visible in your feed and have a shimmering appearance to denote validity. The most recent version will give creators an “end-to-end toolkit” for producing, exhibiting, and selling NFTs by enabling users to create their own digital collectibles and sell them both on and off Instagram.
The new feature will be free to use
The new functionalities will ultimately be introduced in other nations, but only American creators will have access to them at first. In addition, Meta intends to incorporate video NFTs and gather details from the NFT marketplace OpenSea about a few existing NFT collections, including names and descriptions.
Until 2024, Meta will not charge any fees for producing or selling NFTs. Additionally, Meta will pay for blockchain gas fees “upon launch,” though no specific date is given.
Until 2024, Meta will not charge any fees for producing or selling NFTs. Additionally, Meta will pay for blockchain gas fees “upon launch,” though no specific date is given. Since both Apple and Google only permit in-app purchases with fiat currencies, Instagram users probably won’t be able to buy NFTs with cryptocurrency using the Instagram app.
Infrastructure Will Be Provided By Polygon and Arweave
Instagram will make use of the Polygon blockchain to enable the creation and sale of NFTs. The Polygon network’s native token, MATIC, increased by more than 14% over the last 24 hours after the news surfaced. For its immensely popular Collectible Avatars NFTs, Reddit recently employed Polygon’s blockchain.
For the purpose of storing the NFTs of its makers, the feature will employ the decentralized data storage protocol Arweave. Following the news, the native token of Arweave, AR, increased by almost 50%.
Users of Instagram will also be able to connect their Phantom and Solana wallets to display additional types of digital collectibles, such as videos.
Users of Instagram will also be able to connect their Phantom and Solana wallets to display additional types of digital collectibles, such as videos. Earlier, the platform connected to third-party wallets like Rainbow, MetaMask, Trust Wallet, Coinbase Wallet, and Dapper Wallet, as well as the blockchains of Polygon, Flow, and Ethereum.
This is the social network’s most recent Web3 integration, severely competing with TikTok and YouTube. Creators will be able to show NFTs and make money from them thanks to the new feature.