- Kyle Chua
You Might Soon Be Able To Mint and Sell NFTs on Instagram
Meta could soon expand Instagram’s non-fungible token (NFT)-related capabilities to help support creators on the platform.
The social media giant announced it is testing the minting and selling of NFTs on the photo and video sharing app, the same way you can on NFT marketplaces like OpenSea and Rarible. Right now, the new features are limited to a "small group of creators" based in the U.S., but there are plans to expand it to more users in different countries in the future.
The new end-to-end toolkit, according to The Verge, allows you to mint your NFTs on the Polygon blockchain and sell them either on Instagram or somewhere else. If you're a collector, meanwhile, you can now display more tokens from your collection, with the platform now supporting the Solana blockchain and Phantom wallet. Previously, only Ethereum, Polygon and Flow blockchains were supported. You can also now set video NFTs on Instagram profiles.
Apart from these, Meta revealed it would add OpenSea metadata for "select collections", which is similar to what you'd see on Twitter when you set an NFT as your profile picture.
Meta noted it won't take cuts from NFT sales on its platforms until 2024, but 30% will be deducted from sales to account for app store fees. You can also set a commission rate between 5% to 25% for resales of your work, if you're a creator.
The announcement was made during Meta's Creator Week event, where it shares new ways for creators to monetise their work on its different platforms.
Along with the new NFT toolkit, the company is rolling out professional mode to more users, giving you access to more monetisation options, including the Stars virtual currency tipping system. You can also now send gifts on Instagram, which is essentially a way to tip creators with money while watching their Reels. Gifts are said to be bought with Stars. These features are similarly being tested on a small group of creators in the U.S.
The move comes as Meta continues to put Instagram forward as an entertainment app rather than just a photo and video sharing app. And part of that is making sure the creators on the platform are properly compensated, be it through ad revenue sharing, the sale of NFTs or tips from fans.
Meta is testing the minting and selling of NFTs on Instagram, the same way you can in NFT marketplaces like OpenSea and Rarible.
The new end-to-end toolkit allows you to mint your NFTs on the Polygon blockchain and sell them either on Instagram or somewhere else.
Meta noted it won't take cuts from NFT sales in its platforms until 2024, but 30% will be deducted from sales to account for app store fees.
Right now, the new features are limited to a "small group of creators" based in the U.S, but there are plans to expand it to more users in different countries in the future.