Meta announced that content creators will soon be able to create and sell NFTs to their fans. They will have access to all the necessary tools, from creating to selling the NFT. Instagram will therefore compete with existing NFT markets.
Meta is gradually increasing support for NFTs. Non-fungible tokens which are based on the “greatest madman theory” according to Bill Gates soon they will be able to be created and sold directly on Instagram. This feature will be reserved for content creators so that their community can purchase unique digital items. Thereby, instagram account compete with existing NFT markets.
NFTs created with Instagram can be sold on or off the platform. Meta explained that content creators will have ” a toolbox from A to Z, from creation (from the Polygon blockchain) to presentation and sale “This feature is currently only available for a select handful of users in the United States.
Instagram wants to create its own NFT market
This isn’t the first time NFTs have come to Instagram. In fact, Meta has already done several tests on Facebook and Instagram from last year. Users might present their collection of digital itemsbut so far no transactions or creations have been possible.
Furthermore Meta has assured that he will not take no commission on NFT sales until 2024. However, 30% will be deducted from sales to support App Store fees. Creators will also be able to set their commission rate on the resales of their NFTs. This rate can range from 5 to 25%.
Meta also announced more NFT news on Instagram. The platform now supports the Solana blockchain and the Phantom wallet. The company also stated that ” information for some collections whose metadata have been enriched by OpenSea, such as the name and descriptions of the collection, will now be available on Instagram “.
With all these new features, Instagram which recently had a major malfunction with many suspended accounts Go away simple sharing of photos and videos. It is increasingly becoming an entertainment platform on which content creators must generate money, both from advertising revenue and from the sale of NFTs.