- Meta revealed that Instagram users can soon mint, display, and trade NFTs.
- Artists can design, showcase, and trade their NFT collections on social media through an end-to-end toolkit.
- Meta initially plans to offer the new features to select designers in the United States.
- For now, Instagram won’t charge users for NFT transactions.
- During May, Meta experimented with digital collectibles on Instagram by allowing US creators to share their NFTs.
“The value added to the creator economy is unmatchable, and championing verifiable digital ownership on a platform with such reach will help us further our goal of onboarding the next billion users to Web3,” said Sandeep Nailwal, Co-Founder of Polygon.
Notable Features of the New Feature on Instagram
The new initiative will aid artists in designing their NFT collections, showcasing and trading them on the social media platform through an “end-to-end toolkit.” Additionally, Instagram will aid the display of video-oriented digital collectibles.
Meta intends to initially provide the new features to a group of selected designers in the United States. The artists include DrifterShoots, Ilse Valfré, Amber Vittoria, Refik Anadol, Jason Seife, Dave Krugman, and many others.
Notably, the tech giant revealed that it wouldn’t charge users for NFTs transactions on Instagram for a while.
“Meta won't charge fees to create or sell digital collectibles until 2024, but any in-app transactions are still subject to applicable app stores fees,” said Stephane Kasriel, Head of Commerce and Fintech at Meta
Meta Advancement Into Digital Collectible Sphere
Earlier, Meta began experimenting with digital collectibles on Instagram and on Facebook by letting select U.S. creators post NFTs they’d purchased or created. The company expanded the offering to 100 countries by late September, enabling every U.S. user to connect their wallets, share their digital collectibles, and automatically tag their creators and collectors.
Prior to now, Facebook and Instagram users in the US could upload NFTs through Ethereum, Polygon, and Flow by connecting with wallets like Rainbow, MetaMask, Trust Wallet, Dapper, and Coinbase. However, Meta has recently extended it to Solana and Phantom Wallet.
With this, Meta joins the long list of global companies that chose Polygon for their Web 3.0 integration, such as Robinhood and Stripe.
On the Flipside
- Even though Meta has been aggressive with its efforts to incorporate digital assets into its services, its share price has plummeted by 24% since 2016.
Why You Should Care
Globally, Instagram has 1.386 billion users, so the recent development is likely to increase the adoption of digital assets.
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