By
Chainwire
April 25th, 2024
Meta is also set to test these new features with a small group of creators in the US before rolling them out to more users and countries.
Tech giant Meta, the parent company of Instagram, has announced that the social media platform will soon introduce several nonfungible token (NFT)-related tools that will allow creators to mint, showcase, and sell digital collections powered by NFTs.
Meta made the announcement during its Creator Week 2022 event on November 2. It added that Instagram would allow its creators to create “digital collectibles” and sell them “both on and off Instagram.”
Meta also revealed that creators will have access to an “end-to-end toolkit” for creating, showing, and then selling NFTs within the platform and that the Polygon blockchain will be an initial partner for this functionality.
Polygon co-founder Sandeep Nailwal stated:
“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.”
Meta is also set to test these new features with a small group of creators in the US before rolling them out to more users and countries.
Creators including photographer DrifterShoots, visual artist Ilse Valfré, artist Amber Vittoria, and many others have been chosen to receive early access to the new Instagram NFT features.
“A small group of creators will soon be able to create digital collectibles (NFTs) and sell them right on Instagram,” said Meta’s Head of Commerce and Fintech, Stephane Kasriel, in a statement.
Vittoria lauded the latest development, stating that Meta and Instagram are consistently finding new and innovative ways to help creators support themselves and their art practice.
Users of Facebook and Instagram can now upload NFTs based on Ethereum, Polygon, and Flow by connecting their wallets, such as Rainbow, MetaMask, Trust Wallet, Coinbase Wallet, and Dapper Wallet. The Solana blockchain and Phantom Wallet have now been included in that group by the company, as well as expanding the types of digital collectibles that users can showcase on Instagram, including videos.
Stephane Kasriel, again, revealed in a statement that Meta will not be charging fees to create or sell digital collectibles until 2024, but any in-app transactions are still subject to applicable app store fees.
In August, the tech giant introduced NFT support for Instagram in 100 countries with a small user base. All Instagram users in these 100 countries can now utilize the feature, according to a recent release.