Meta Plans to Let Instagram Users Mint and Sell NFTs Soon
Nov 3, 2022•1 min read
According to a statement made on Wednesday by parent company Meta, Instagram is creating a minting and sales tool for NFTs within its app. With the help of the future "end-to-end toolkit" for NFTs, users will be able to design and sell their own NFTs for sale on Instagram.
Meta CEO Mark Zuckerberg made the announcement during a session at South By Southwest "I'm not ready to kind of announce exactly what that's going to be today. But over the next several months, the ability to bring some of your NFTs in". "Hopefully over time be able to mint things within that environment", he added.
The new feature will be accessible for a “small group of creators in the US” first. Instagram will initially mint NFTs on the Polygon blockchain and then trade them either on Instagram or off the platform.
In term of showing NFTs that you're acquired elsewhere, the business claims that you can now display NFTs from the Solana blockchain in addition to the Ethereum, Polygon, and Flow blockchains, which the feature previously supported. Similar to what Twitter does for its NFT profile image feature, it is also adding some metadata from OpenSea to the display.
Meta confirmed that there will be no fees for posting and sharing digital collectibles on Facebook or Instagram, and there won't be any further fees for selling digital collectibles until at least 2024. However, it was noted that "digital collectible purchases made within the Instagram app on the Android and iOS operating systems are subject to applicable app store fees."
Additionally, they promised that for digital collectibles purchased on Instagram at launch, neither creators nor collectors will have to pay Ethereum gas fees, but did not specify an end date for the perk.