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Instagram Will Now Enable Users to Mint and Sell NFTs

Meta has announced that it will implement various new creator enhancements across Instagram and Facebook. The most important thing the firm shared with users was the news that Instagram artists will soon be able to make their own NFTs and sell them directly to platform-based and off-platform followers of Instagram. As a result of this update, the developers of NFTs will have access to a toolkit that will assist them in creating, showcasing, and selling their creations. Meta’s first partner for this feature will be Polygon, which the company announced today.

Instagram is expanding its support for blockchains and wallets by adding support for the Solana blockchain and the Phantom wallet. These additions will join Instagram’s existing support for blockchains and wallets such as Rainbow, MetaMask, Trust Wallet, Coinbase Wallet, Dapper Wallet, Ethereum, Polygon, and Flow. Additionally, information for specific collections whose metadata has been supplemented by OpenSea, such as the collection’s name and descriptions, will now be viewable on Instagram. This information includes the collection’s name. The following is a rundown of how Instagram will implement this upgrade:

  • The NFTs will be available immediately within the Instagram app for those who use them. According to Meta, the transaction will take place across iOS and Android using the conventional method of in-app purchases. As of right now, Instagram will not deduct any fees or percentages from the earnings of its content creators. This brand-new function is currently being piloted in the United States with a select few content creators before being made available in additional nations.
  • Moreover, Instagram is increasing the number of creators in the United States eligible to have access to subscriptions. In January, the social network began preliminary research on subscriptions with a select group of content creators. With this functionality, content creators can provide their fans with access to paid-only Instagram Live videos and Stories. In addition, subscribers will receive a unique emblem that will help them stand out in the comments area as well as in the inboxes of the producers.
  • Hence, users will soon be able to mint and trade NFTs on Instagram thanks to Instagram’s utilization of the Polygon blockchain. After the news emerged, the value of MATIC, the token unique to the Polygon network, increased by more than 14% since then.
  • Recently, Reddit utilized Polygon’s blockchain to power their wildly successful Collectible Avatars NFTs.
  • For the storage of its authors’ NFTs, the feature will make use of Arweave, which is a decentralized data storage system. After the news broke, the value of AR, which is Arweave’s native token, increased by more than 50 percent.

Bottom Line:

With these changes, Instagram hopes to better compete with rival platforms like TikTok, which has been attracting a large number of content creators. Likewise, it’s no surprise that Meta wants to increase the variety of services it provides to creators, given that they’ll be essential as the company continues to expand the metaverse.

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