Eventually, Instagram will have tools for making and trading NFTs. However, in-app purchases will “be subject to applicable app store fees.”
Meta, the company that owns Instagram, said Wednesday that the app will soon have a way to create and sell NFTs. With the coming “end-to-end toolkit” for NFTs, users will be able to make and sell their own NFTs on Instagram.
“A small group of creators will soon be able to create digital collectibles (NFTs) and sell them right on Instagram,” said Meta’s Head of Commerce and Fintech Stephane Kasriel in a statement.
Meta often calls NFTs “digital collectibles.” They are one-of-a-kind blockchain tokens that show ownership of an asset, usually a piece of digital art.
BREAKING: Instagram is rolling out the ability for creators to make their own NFTs and sell them directly to fans, both on and off Instagram.
— RPN.ETH
Details below. pic.twitter.com/8JMp8iMEWm(@rpnickson) November 2, 2022
When it first starts, Instagram will use the Polygon blockchain to minting NFTs. The app will also get NFT metadata from OpenSea, so names and descriptions of collections can be seen on Instagram.
In a statement, Meta said that the new NFT features will first be made available to a small group of artists and content creators before they are made available to a wider audience. Some creators, like the photographer DrifterShoots, the visual artist Ilse Valfré, and the artist Amber Vittoria, have been chosen to use the new Instagram NFT features before anyone else.
“Meta and Instagram are consistently finding new and innovative ways to help creators support themselves and their art practice,” Vittoria said.
This strategy for a slow rollout fits with the rest of Meta’s plan for Web3. Back in May, it announced that some creators would be able to connect their wallets to Instagram and Facebook to display their NFTs.
Facebook and Instagram can now show NFTs on the Ethereum, Polygon, and Flow blockchains. This means that users can link their wallets to their accounts to show NFTs. Help is on the way for Solana and Phantom wallets.
Why the big push for NFT? Meta says that it believes in Web3’s vision and wants content creators to use NFTs to make more money from their work.
“Our strategy for Web3 technologies—including blockchain—is focused on helping creators make a living,” Kasriel said.
“We believe Web3 tech, like blockchain, will positively enhance the economic model for creators by giving them the ability to create new types of digital assets to monetize.”
However, Kasriel believes that the crypto market is inundated with complicated experiences that prevent widespread adoption.
“There needs to be a much simpler user experience,” he said.
Meta won’t charge its own fees for NFT sales made through its apps at first, but it plans to do so in the future. It has also promised to pay buyers’ Ethereum gas fees “at launch,” but it hasn’t said when this perk will end.
“Meta won’t charge fees to create or sell digital collectibles until 2024,” Kasriel said, But they said that any in-app purchases “are still subject to applicable app store fees,” like Apple’s controversial 30% tax.
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