Social media platform Instagram is set to introduce a range of non-fungible token (NFT)-related tools that will allow creators to mint, display and sell NFTs.
Instagram parent company Meta said on November 2 during the Creator Week 2022 event that the platform will allow its creators to create “digital collectibles” and sell them “both on and off Instagram.”
Meta says creators will have an “end-to-end toolkit” to create, display, and then sell NFTs on the platform, and has chosen the Polygon blockchain as an initial partner for this functionality.
It says a “small group” of U.S. creators will be eligible to test the new features, followed by expansion to other countries, but did not provide information on when that would happen.
In addition to its current lineup of supported blockchains, including Ethereum, Flow, and Polygon, Meta has also announced its support for the Solana blockchain and its popular Phantom wallet.
Support for NFT videos will also be added, and metadata such as names and descriptions for select NFT collections will be taken from the OpenSea NFT marketplace.
Meta’s head of commerce and financial technology, Stefan Kasriel, said that Meta would not charge a fee for creating or selling NFTs until 2024, and gas fees for buyers would be covered by Meta “at launch,” but did not specify how long the launch would take. term would be.
Kasriel said NFT transactions would continue to be subject to an “app store fee,” referring to Apple’s 30% fee on NFT sales, which drew criticism for being more expensive than the average 2.5% fee. charged by NFT marketplaces such as OpenSea.
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That being said, 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 prohibit buttons, external links, or other actions that allow users to bypass their fees.
Meta did not say how much commission it plans to receive from NFT sales or what its royalty system will look like. It is not known if she will follow the recent push of NFT marketplaces to switch to royalty models.
Cointelegraph contacted Meta for clarification on its fee structure and fees, but received no immediate response.