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Meta to Bring NFT Minting and Trading to Instagram

New Instagram tools to help creators connect with their community and build their business include solutions that will allow creators to mint, show and sell NFTs

Meta NFT Instagram

Meta to Bring NFT Minting and Trading to Instagram. Source: Meta

Meta has introduced an “end-to-end toolkit” allowing creators to make their own digital collectibles (NFTs) and sell them to fans or collectors both on and off Instagram. The company has chosen the Polygon blockchain as the first partner for this functionality.

Initially, a “small group” of US-based creators will be eligible to test the new features. In the future, there is a possibility to expand the service to other countries. 

Besides currently supported blockchains that include Ethereum, Flow and Polygon, Meta also revealed its support for Solana with its Phantom wallet. Furthermore, Instagram will expand the types of digital collectibles you can showcase to include video NFTs. 

For creators’ convenience, metadata such as names and descriptions for select NFT collections will be pulled from the NFT marketplace OpenSea.

Meta’s head of commerce and financial technology, Stephane Kasriel, assured that Meta won’t charge fees to create or sell NFTs until 2024. He explained that blockchain gas fees for buyers will be covered by Meta “at launch”, although it is not clear how long the launch timeline would be.

At the same time, NFT transactions would still be subject to Apple’s “app store fees”. So far, the function will probably work only on the desktop version, as both Apple and Google only support in-app purchases using fiat currencies. Besides, the in-app functionality would be costly for consumers as both OS forbid buttons, external links, and other actions that allow users to circumvent their commissions.

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Nina Bobro

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https://payspacemagazine.com/

Nina is passionate about financial technologies and environmental issues, reporting on the industry news and the most exciting projects that build their offerings around the intersection of fintech and sustainability.