News

Instagram to enable NFTs minting and selling

Friday 4 November 2022 13:17 CET | News

Instagram has announced that it will enable digital creators to mint and sell non-fungible tokens (NFTs) directly from the social media platform.

 

This update will grant creators the option of creating their own digital collectibles and allow them to sell them both on and off Instagram, offering them an ‘end-to-end toolkit’ to create, display, and sell NFTs. The update will launch in its initial state on the Polygon blockchain, and it will be tested by a small group of US-based creators. Polygon officials have stated that this update marks a milestone in Instagram’s evolution of its existing NFT functionality and is also a next step in making Web3 mainstream. 

Video-based digital collectibles will also be allowed to be showcased on Instagram’s platform, and the company is set to add support for the Solana blockchain and Phantom wallet. Before this update, the platform supported Ethereum, Polygon, and Flow blockchains, in addition to third-party wallet connections such as Rainbow, MetaMask, Trust Wallet, Coinbase Wallet, and Dapper Wallet.

When talking about the update, Meta stated that no fees will be charged for displaying and sharing a digital collectible on Instagram or Facebook, and no additional fees for the selling of said digital collectibles are expected to be applied, at least until 2024. However, the company added that purchases made within the Instagram app on either the Android or the iOS operating systems will be subject to applicable app store fees. Furthermore, Meta advised that gas fees for digital collectibles bought on Instagram at launch will not be required to be paid by neither creators nor collectors. 

Reportedly, NFT creators will also have the option of choosing a royalty percentage between 5% to 25% and will be able to link either their bank or PayPal account to get paid. 

Instagram has announced that it will enable digital creators to mint and sell non-fungible tokens (NFTs) directly from the social media platform.

Instagram past developments

In September 2022, Instagram launched its digital collectibles feature in 100 countries, enabling users’ connection to their digital wallets and their showcasing of the NFTs either bought or created by them. These connected NFTs can be shown in the user’s feed, and they include a shimmery effect for authenticity indication. 

In August 2022, Meta enabled both users on Instagram and Facebook to link their NFTs posts on the in-house social media platforms. With the announcement of this feature, the company was looking to further develop the NFT acceptance environment and included actions such as connecting a digital wallet and sharing collectibles, while simultaneously enabling the automatic tagging of the collector or creator of said NFT. 

The company’s goal is to increase revenues through NFT releases, while concomitantly supporting digital creators’ dive into the non-fungible tokens and digitalisation universe, looking to maintain and raise interest worldwide for a business era that extends past real, tangible goods.

More: Link


Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: product upgrade, NFT, cryptocurrency, digital wallet, digital assets, web3, blockchain
Categories: DeFi & Crypto & Web3
Companies: Instagram
Countries: United States
This article is part of category

DeFi & Crypto & Web3

Instagram

|
Discover all the Company news on Instagram and other articles related to Instagram in The Paypers News, Reports, and insights on the payments and fintech industry: