Instagram is getting ready to launch a number of tools connected to nonfungible tokens (NFTs) that will let creators produce, display, and trade NFTs after releasing the sharing of the NFT option earlier.
This is done with the help of Polygon blockchain and the users will get a Toolkit that will help them with all the processes starting from creating the NFTs to showing them to your users to selling them on or off Instagram.
The new feature will also include sharing video-based digital collectibles or NFTs and for that, the company has collaborated with Solana blockchain and Phantom wallet along with the Polygon.
At its Creator Week 2022 event on Nov. 2, Instagram parent company Meta said that the network would let its creators produce "digital collectibles" and sell them "both on and off Instagram."
For this Meta has collaborated with the Polygon blockchain and for now, this feature is limited to the US people only. But the company will make it available for all later. Instagram is enabling users to showcase NFTs that they have either made or purchased and connect to their digital wallets.
Your feed will display the associated NFTs, which have a shimmering appearance to indicate legitimacy. Additionally, metadata for specific NFT collections, including names and descriptions, will be retrieved from the NFT marketplace OpenSea.
The blockchain gas fees for buyers will be covered by Meta "at launch". According to Stephane Kasriel, head of commerce and financial technology at Meta, did not specify how long the launch timetable would be.
"Meta will not charge fees to manufacture or sell NFTs until 2024."
NFT transactions would continue to be subject to "app store costs". Kasriel added, referring to Apple's 30% commission on NFT sales, which has come under fire for being higher than the typical 2.5% charge imposed by NFT marketplaces like OpenSea.
Earlier updates of Instagram's NFT feature
Meta made the first announcement of the NFT feature for Instagram and Facebook back on 10 May 2022. This was an initiative by meta to let users appreciate the creator's work by purchasing digital collectibles or NFTs.
Later on, the feature was actually enabled on 4 August and was about sharing and buying was launched in 100 countries including Africa, Asia-Pacific, Middle-East, and America.
The platform talked about connecting the platform to third-party wallets like Rainbow, MetaMask, Trust Wallet, Coinbase Wallet, and Dapper Wallet as well as the Ethereum, Polygon, and Flow blockchains.
That happened on 29 September and people who had connected their wallets were able to share the NFTs instantly.
And finally, the creating option was released on the 2nd of November with more advanced features.
It is unknown if Meta will follow the recent moves from NFT marketplaces to migrate to opt-in royalty models because Meta has not disclosed how much of a commission it expects to take from NFT sales or what its creator royalties scheme would look like.
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