META will enhance its Instagram NFTs capability so that users will be able to mint, sell, and exhibit digital valuables.
The American multinational technology corporation formerly known as Facebook, Meta Platforms (META), has announced its intention to allow creators to manufacture, trade, and display non-fungible tokens (NFTs) on Instagram.
According to the 2 November statement, the new functionality would enable users to sell NFTs on and off Instagram.
In addition, based on META, developers will obtain a “complete toolbox” for developing, presenting, and selling NFTs. Meta emphasized that the Polygon blockchain will facilitate the production of NFTs.
Read More: A Beginner’s Guide to Investing in NFT
META stated that it is now testing the feature with a small number of US-based creators. Additionally, Instagram users will be able to present their NFTs in video format, while OpenSea will retrieve NFT titles and descriptions.
META disclosed in its announcement that it will also begin supporting the Solana blockchain and its Phantom wallet. Notably, META also supports blockchains, including Ethereum (ETH), Polygon (MATIC), and Flow (FLOW).
META’s head of commerce and finance technology, Stephane Kasriel, blogged about the new Instagram feature. Kasriel said META won’t charge for NFT creation or selling until 2024. The chief of trade and finance technology stated META will pay all blockchain fees.
Despite META not charging fees for selling NFTs, Stephane Kasriel stated that all in-app purchases will be subject to app store costs. Notable is Apple’s recent announcement that it will take a 30% fee on in-app NFT sales.
META stated in May that some Instagram artists and collectors can share NFTs on Instagram. Later, in August, META increased this feature’s availability to 100 countries in the Middle East, Africa, Asia-Pacific, and the Americas.