Meta will integrate NFT creation and trading on Instagram

Meta will integrate NFT creation and trading on Instagram

A “toolkit” for creators to create, display and sell “digital collectibles” in the form of NFT is coming to the social media platform Instagram.

The 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.

The parent company of Instagram, Meta, She said on November 2 during the 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 the creators will have an “end-to-end toolkit” to create, visualize and then sell NFTs within the platform and has chosen the Polygon (MATIC) blockchain as their initial partner for this feature.

Conceptual images of the Meta NFT interface for Instagram

Source: Meta

He says a “small group” of US-based creators will be eligible to test the new features on Instagram and follow expansion into other countries, but hasn’t offered 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 Solana’s 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 pulled from OpenSea’s NFT market.

Meta’s head of trade and financial technology, Stéphane Kasriel, She 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 NFT transactions would still be subject to “app store fees”, referring to Apple’s 30% commission on NFT sales which has drawn heavy criticism for being more expensive than the average 2.5% commission charged by NFT markets such as OpenSea.

With this, shoppers will apparently not be able to purchase Instagram NFTs using cryptocurrencies via the Instagram app, as Apple and Google only support in-app purchases using fiat currencies and prohibit buttons, external links, or other actions they offer. users a way to get around their fees.

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 whether it will follow the recent hikes in NFT markets to switch to opt-in royalty models.

Cointelegraph contacted Meta for clarification on the fee and royalty structure, but did not immediately receive a response.

By Jesse Coghlan, Cointelegraph

Jesse has been a casual cryptocurrency investor since 2018 and is now a full-time writer in the Sydney-based crypto space with a strong interest in DeFi. When he is not studying maps or writing, he likes to travel to learn about the history and culture of unique places.

cointelegrafic markets pro

The views expressed herein are solely those of the author and do not necessarily reflect the views of Forex Quebec. Every investment and trading move carries risk, you should do your research when making a decision.

Interested in cryptocurrencies? Coinberry is Canada’s safest platform for buying and selling Bitcoin, Ethereum, Litecoin, and other cryptocurrencies. “Leave now

Coinberry Bitcoin Cryptocurrency

Keep your cryptocurrencies safe!

the Ledger wallet and the storage device the most perfect for holding and using Bitcoin and others cryptocurrencies insecurity.

nano electronic wallet

To get the Ledger Wallet Nano SVisit the official website

Disclaimer: The information and opinions contained in this report are provided for general information purposes only and do not constitute an offer or solicitation to buy or sell foreign exchange, CFD and cryptocurrency contracts. Although the information contained herein has been obtained from sources believed to be reliable, the author does not guarantee its accuracy or completeness and assumes no responsibility for any direct, indirect or consequential damages that may arise from the fact that someone relies on such information.

Leave a Comment