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 introducing a series of non-fungible token (NFT) related tools that will allow creators to create, display and sell NFTs.
Instagram’s parent company, Meta, said November 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 on the platform and has chosen the Polygon (MATIC) blockchain as the first partner for this feature.
Concept images of Meta’s NFT interface 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 lineup of supported blockchains, which includes 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 retrieved 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 “at launch,” but did not specify how long the launch timeline would be.
Stephane Kasriel said that NFT transactions will still be subject to “app store fees”, referring to Apple’s 30% commission on NFT sales, which has been widely criticized for being more expensive than the 2.5% commission average used by NFT markets like OpenSea.
With this, shoppers will apparently not 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 gives users a way to bypass their commissions.
Meta hasn’t revealed 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 increases 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 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 own research when making a decision.
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