What we need to know about Meta’s new NFT Minting on Instagram
Meta announced updates for Instagram creators in November. Soon, Instagram creators will be able to create and sell NFTs within and outside the app. NFTs can now be made, displayed, and sold by creators. Polygon is the first partner of this feature.
Users of Instagram can purchase NFTs in-app. Meta suggests that iOS and Android will be identical. Instagram, on the other hand, has not yet reduced creators’ earnings. This new feature is being tested with US-based creators. They intend to increase its accessibility.
What we need to know about Meta’s new NFT Minting on Instagram
Thanks to this update, the Solana and Phantom wallets can now be used with Instagram. The supported wallets are Rainbow, MetaMask, Trust Wallet, Coinbase Wallet, Dapper Wallet, Ethereum, and Polygon. Flow is also one of the wallets that are supported. In addition to this, the metadata associated with specific OpenSea collections will be made available on Instagram.
Why did META big push for NFT?
Meta has stated that it trusts the Web3 vision, which is the next stage in the development of the Internet and is based on blockchain technology. Additionally, it encourages content providers to utilize NFTs to increase their income. Stephane Kasriel, Head of Commerce and Financial Technologies at Meta said.
“Our strategy for Web3 technologies—including blockchain—is focused on helping creators make a living. We believe Web3 tech, like blockchain, will positively enhance the economic model for creators by allowing them to create new types of digital assets to monetize.”
Kasriel also thinks that the crypto space is full of “complex experiences” that stop people from using crypto on a large scale.
“There needs to be a much simpler user experience.”
Meta won’t charge its fees for NFT sales made through its apps initially, but it plans to do so in the future. It has also promised to pay for Polygon buyers’ gas costs “at launch,” but it hasn’t said when this perk would end.
“Meta won’t’ charge fees to create or sell digital collectables until 2024.”
Kasriel said but noted that any in-app transactions are still subject to applicable app store fees, such as Apple’s controversial 30% tax.
