Instagram users will soon be minted and sold NFT

The latest update to the Digital Collectibles feature will first be tested in a small group of Instagram creators.

Meta calls this "creativity week," with a bunch of new tools to be announced. The first is the announcement of the soon launch of mint function and selling NFT directly on Instagram.

“We are rolling out this feature, starting on the Polygon blockchain. We're also expanding the display of collections on Instagram to include videos and adding support for Solana and Phantom. Plus new integrations with OpenSea and Arweaveteam. "

The visual social network recently partnered with Coinbase and blockchain Flow to expand Digital Collectibles integration across 100 countries. From there, users were able to connect their digital wallet to Instagram and start posting and sharing their NFTs. But not only that, from today users can also mint and sell NFT both inside and outside Instagram.

The test will be piloted on a small group of creators including Amber Vittoria, Refik Anadol, Jason Seife, Dave Krugman…

In the near future, users will also be able to display digital collections in video format and find Solana and Phantom wallets on the platform, alongside Ethereum, Polygon and Flow as well as Rainbow, MetaMask, Trust Wallet, Coinbase wallets Wallet and Dapper Wallet. 

Speaking about today's move, Meta representative said:

“Blockchain plays an important role in enabling new business models that give creators more control and connection to their audience and how to make money. But for this technology to really drive economic opportunity, it needs to be easier to use.

By introducing NFT natively on Instagram, we hope to achieve this and facilitate new forms of connection between billions of people and their favorite artists.”

In addition, Meta is working to attract new people, adding giveaways on Instagram Reels and encouraging users to support creators with Facebook Stars. 

Meta notes that there will be no fees for displaying or sharing NFTs on Instagram and Facebook, nor any additional fees for selling them until at least 2024. However, “NFT purchases are made. in the Instagram app on Android and iOS are subject to applicable app store fees.”

In addition, Instagram commits that neither the author nor the beneficiary of the collection need to pay gas fees when purchasing NFT on Instagram.

According to CoinDesk , NFT authors are entitled to the option of royalty fees ranging from 5% to 25% and paid via bank account or PayPal.

Before the news that Meta will use Arweave to store Instagram's digital collections, the AR token is in season, skyrocketing more than 40%.

Meanwhile, the price of SOL is still stable and MATIC has not changed too much. 

As FoxCryptoNews reported, yesterday the buzzing community was able to start posting the first NFT photos, readers can review the following article to understand how to do it.

FoxCryptoNews summary

Nov 03, 2022