Meta will let creators mint and sell NFTs on Instagram
What's the story
Instagram will soon become an NFT marketplace. Creators on Instagram will soon be able to create NFTs and sell them. Meta, the parent company of Instagram, has announced that it is testing minting and selling NFTs on the platform. The company will be offering the feature to a select few in the US first before introducing it in other countries.
Context
Why does this story matter?
Instagram's evolution into an NFT marketplace is part of Meta's broader push to increase opportunities for creators to make money. The aim is to make Instagram the first choice of creators. However, the company might be a little late to the NFT party. The third quarter of 2022 saw a 60% decline in NFT sales. Most marketplaces have also witnessed a decline in sales.
Minting and sale
Creators will be able to create NFTs on Polygon
Meta is testing a new end-to-end digital collectible toolkit on Instagram. This will allow users to create and sell NFTs on the Polygon blockchain. Creators will be able to sell their tokens on or off Instagram. The feature will be first available to a "small group of creators in the US." They include creators such as DrifterShoots, Ilse Valfré, and Amber Vittoria.
Showcasing
Meta now supports showcasing NFTs from Solana blockchain
Meta introduced showcasing NFTs on Instagram in May. The feature is now available in over 100 countries. With the new update, users can now display NFTs from the Solana blockchain. Solana joins Ethereum, Polygon, and Flow as supported blockchains. The company has also added Phantom wallet and some metadata from OpenSea for select collections, including collection names and descriptions.
Creators
The company won't charge creators till 2024
Meta won't charge creators any fee to create or sell NFTs until 2024. The company will also cover buyers' blockchain gas fee "at launch." However, we don't know how long the launch timeline is. Creators will still have to pay the 30% App Store fee. They can also set a 5-25% commission rate for the resale of their work.