Instagram has announced that digital creators will be able to mine and buy non-fungible tokens (NFT) directly from the social media platform.
This update will give creators the option to create their own digital collections and allow them to sell on and off Instagram, offering an ‘end-to-end tool’ to create, display, and sell NFTs. The update will be launched in its first form on the Polygon block, and will be tested by a small group of developers in the US. Polygon officials said that this update is an important step in Instagram’s development of its current NFT activity, and it is also a step towards mainstream Web3 creation.
Video collections will also be allowed to be displayed on the Instagram platform, and the company is set to add support for the Solana blockchain and the Phantom wallet. Prior to this update, the platform supported Ethereum, Polygon, and Flow blockchains, in addition to third-party wallets such as Rainbow, MetaMask, Trust Wallet, Coinbase Wallet, and Dapper Wallet.
Commenting on the update, Meta said that there is no charge for displaying and sharing a digital collection on Instagram or Facebook, and there is no additional cost for the purchase of such digital collections. should be applied until 2024. However, the company said that purchases in the Instagram app on Android or iOS operating systems will include the corresponding store prices. In addition, Meta said that gas prices for digital collections sold on Instagram at launch will not be paid by producers and collectors.
According to the statement, NFT Creators will also have the opportunity to choose a royalty percentage between 5% and 25% and can link their account or PayPal account to be paid.
Instagram previous developments
In September 2022, Instagram launched its digital collection feature in 100 countries, which allows users to connect to their digital accounts and display NFTs purchased or created by them. These connected NFTs can be displayed in the user’s feed, and they include a glowing effect for a real token.
In August 2022, Meta will allow both users on Instagram and Facebook to link their NFT posts on domestic social media platforms. With the announcement of this feature, the company is looking to further develop the NFT acceptance environment and include functions such as linking the digital wallet and sharing collections, while at the same time being able to identify automatic identification of the collector or producer of that NFT.
The company’s goal is to increase profits from NFT issuances, while supporting digital producers’ immersion in non-fungible tokens and the digital world, looking to maintain and increase worldwide demand for a business term that extends to real, tangible goods.