Meta just announced that beginning this week a select group of digital artists will be able to sell non-fungible tokens (NFTs) from its social media platform Instagram. At first, the new tool will only be available to a small group of creators in the U.S.
The latest feature from Instagram allows users to create NFTs on the Polygon blockchain and sell them both on and off Instagram. Some of the creators chosen to test the new feature include Refik Anadol, Jason Seife, Dave Krugman, and Amber Vittoria, among others.
Instagram is also expanding its Digital Collectibles feature that allows people in 100 countries to showcase their NFTs on the platform. Now users will be able to display NFTs from the Solana blockchain — in addition to Polygon, Flow, and Ethereum. They will also be able to connect a Phantom wallet, display video-based NFTs, and Metadata from the NFT marketplace OpenSea will be added to the display.
Meta stated that showing and sharing NFTs on Instagram or Facebook will be free, and that no fees will be charged for selling digital collectibles until at least 2024. Furthermore, there will be no gas fees for NFTs purchased on Instagram at launch and creators can also choose a royalty percentage between 5% to 25% and link their PayPal or bank account to be paid.
As Instagram seeks to rebrand itself as not just a photo sharing app but an entertainment app, it’s looking for new ways for entertainers to make money and connect with fans. NFT technology appears to be the solution. According to Polygon founder Sandeep Nailwal, the new tool from Instagram is a “milestone” in the Web3 space.
Meta Has Been Busy Building in Web3
When Facebook changed its name to Meta in October 2021, it set off a wave of brands and companies clamoring to enter the Web3 space. But few companies have been as bullish on Web3 technology as Meta itself. At Rarity Sniper, we’ve covered several stories about Meta investing in Web3 technologies and launching new features for users. Here are the top three stories.
First, about nine months ago, Meta rolled out 3D avatars on Instagram and released updated avatars on Facebook and Messenger, taking the company one step closer to a functioning metaverse. The new avatars are more realistic and can be used in profile pictures and stickers.
Next, four months ago, Facebook began testing NFTs for select creators, allowing them to display their collectibles on their profile pages. The feature was limited at first to the Ethereum and Polygon blockchains, and the NFTs cannot be used in ads.
Lastly, Meta announced at the Cannes Festival in France that it partnered with Fender and BMW to create VR experiences in Horizon Worlds. The experiences revolve around vision and sound and include challenges where users must find guitar picks in the metaverse and use them to construct riffs.
Ever since its name change, Meta has been steadily developing Web3 tools for users and collaborating on new projects. But considering that its latest feature — once expanded to more users — will essentially turn Instagram into an NFT marketplace, this may be its biggest move yet. We’ll keep our ears to ground for any new developments in the story.