The social network Instagram is set to introduce a series of non-fungible token (NFT)-related tools that will allow creators to mint, display, and sell NFTs..
The parent company of Instagram, Meta said on November 2 during its Creator Week 2022 event that the platform would allow its creators to make “digital collectibles” and sell them “both on and off Instagram.”.
Meta says creators will have an “end-to-end toolset” to create, display, and then sell NFTs within the platform.and has chosen the Polygon blockchain as the initial partner for this functionality.
It says a “small group” of US-based creators will be able to test the new features, and expansion to other countries will come later.but did not provide information on when it would take place.
In addition to its current lineup of supported blockchains including Ethereum, Flow, and Polygon, Meta also revealed its support for the Solana blockchain and its popular Phantom wallet..
Support for video NFTs and metadata, such as the names and descriptions of certain NFT collections, will also be added.will be drawn from the OpenSea NFT marketplace.
Meta’s director of trading and financial technology, Stephane Kasriel, said that Meta will not charge fees for creating or selling NFTs until 2024, and that blockchain gas fees for buyers will be covered by Meta “at launch,” but did not clarify how long the launch will last..
Kasriel said that NFT transactions would still be subject to “app store fees,” referring to Apple’s 30% commission on NFT sales that has drawn heavy criticism for being more expensive than the average 2.5% commission charged by retailers. NFT markets like OpenSea.
Given this, shoppers will apparently not be able to purchase Instagram NFTs using crypto through the Instagram app, as both Apple and Google only support in-app purchases using fiat currencies. and both prohibit buttons, external links, or other actions that give users a way to bypass their commissions.
Meta has not made public how much commission it plans to take from NFT sales or what its royalty system will look like for creators.; whether it will follow recent trends in NFT markets to move to optional royalty models is unknown.
Cointelegraph has contacted Meta for clarification of its fee and royalty structure, but has not received an immediate response.
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