Meta’s Instagram Now Allows Creators to Buy and Sell NFTs In App

Instagram NFTs are on their way! Meta announced an update to its creator monetization system during its Creator Week 2022 event. Creators will be able to share, buy, and sell NFTs directly from the photo-sharing platform with the new update. Continue reading to find out more about the Instagram NFT marketplace.

Nov 3, 2022
by Anvi Saini
Meta’s Instagram Now Allows Creators to Buy and Sell NFTs In App
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The Instagram NFT Market: What to Expect?

Popular photo-sharing social media platform Instagram is developing a full-stack toolbox that will enable artists to mint, display, and trade non-fungible tokens. During its Creator Week 2022 event, Meta, Instagram's parent company, said it is exploring a method that would enable artists to mint and sell NFTs to their followers on and off Instagram. The functionality will first be provided to a select number of creators, hoping to extend it to other nations soon.

Instagram will introduce its digital collectibles option in 100 countries, enabling users to link to their digital wallets and display NFTs they made or purchased. The linked NFTs will appear in your feed with a shimmering look to signify legitimacy.

The most recent version will enable creators to develop their own digital collectibles and sell them on and off Instagram, providing them with an "end-to-end toolbox" for making, displaying, and selling NFTs. Given that, Instagram will first test it among a select number of creators in the United States, including Dave Krugman, Refik Anadol, Amber Vittoria, Jason Seife, and others, on the Polygon blockchain.

Instagram will also support the Solana blockchain, the Phantom wallet, and video-based digital valuables. Previously, the app supported the Ethereum, Polygon, Flow blockchains, and third-party wallets like Coinbase Wallet, MetaMask, Rainbow, Trust Wallet, and Dapper Wallet.

 On their official website, the company has stated, “It’s critical that our early efforts in this space empower diverse voices and that underrepresented groups have access to emerging digital assets like NFTs. By building support for NFTs, we aim to improve accessibility, lower barriers to entry, and help make the NFT space more inclusive to all communities.”

What are the charges?

Meta said that exhibiting and sharing a digital collection on Instagram or Facebook will be free of charge. There will be no further fees associated with the sale of digital collectibles until at least 2024. "Digital collectable purchases made inside the Instagram app for the iOS and Android operating systems are subject to relevant app store fees," it noted.

Furthermore, it promised that neither artists nor collectors would have to pay gas fees for digital items purchased on Instagram at launch. Creators must connect their Paypal account or bank account to get their compensation.

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