Meta announced that it would allow NFT minting and trading on Instagram. The announcement was made at the Creator Week event in Los Angeles. The details of the NFT are contained in this tweet.
The new feature will see a partnership between Meta and Polygon blockchain. They plan to introduce several NFT-related tools. These tools will enable creators on Instagram to mint, show, and sell digital collectibles. They can be sold "both on and off Instagram."
At the initial launch of the feature, the former said: "a small group" of US-based creators would test the feature. After that, the feature will be rolled out to a larger audience.
Stephane Kasriel, the company's head of commerce and financial technology, believes that creators should better monetize their content.
Our strategy for Web3 technologies is focused on helping creators make a living."
He added,
We believe Web3 tech creators will give creators the ability to create new types of digital assets to monetize."
Kasriel said,
Meta won't charge fees to create or sell digital collectibles until 2024."
Adding that the tech giants would cover the Blockchain gas fees for buyers at the feature launch.
Kasriel added that all NFT transactions will be subjected to "app store fees." For instance, NFT marketplace like Opensea charges 2.5% commission while Apple charges about 30% — Meta reiterated that it wouldn't go to Apple's length.
It is important to know that buyers and sellers can not use crypto on the Instagram app. You either use Apple or Google Store, and both support fiat currencies. Industry players touted that Meta would adopt the creator royalty system.
Instagram is one of the popular social media platforms, with about 2 billion active users. It supports NFTs from Ethereum, Polygon, Solana, and Flow blockchains. Meta's parent company allows these digital collections to be displayed on Instagram.
However, allowing sales and display of NFT opens the digital arts to a larger audience. Meta is expected to later introduce the NFT feature to its other social media platforms.
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