Meta announced that Instagram users would soon be able to mint, view and trade NFTs. Artists can design, showcase and market their NFT collections on social media using a comprehensive toolset. Initially, Meta plans to offer the new features to select designers in the US. For now, Instagram will not charge users for NFT transactions. In May, Meta experimented with digital collectibles on Instagram by allowing US creators to share their NFTs.
The value to the creator economy is second to none, and advocating verifiable digital property on a platform with such reach will help us advance our goal of bringing the following billion users to Web3,” said Sandeep Nailwal, co-founder of Polygon.
Notable Features of the New Feature on Instagram
The new initiative will help artists design, showcase and market their NFT collections through a “comprehensive toolkit” on social media platforms. Additionally, Instagram will help showcase video-focused digital collectibles. Meta initially wanted to make the new features available to a select group of designers in the United States. Artists include DrifterShoots, Ilse Valfré, Amber Vittoria, Refik Anadol, Jason Seife, Dave Krugman and many others.
Notably, the tech giant announced that it would not charge users for NFT transactions on Instagram for some time. On applicable app store fees,” said Stephane Kasriel, Head of Commerce and Fintech at Meta.
Meta Advancement into Digital Collectible Sphere
Meta previously began experimenting with digital collectibles on Instagram and Facebook by allowing specific U. creators to post NFTs they had purchased or created. Your wallets, share your digital collectibles and automatically tag your creators and collectors. So far, Facebook and Instagram users in the US have been able to load NFTs over Ethereum, Polygon, and Flow by connecting to wallets such as Rainbow, MetaMask, Trust Wallet, Dapper, and Coinbase.
However, Meta recently extended it to Solana and Phantom Wallet. This adds Meta to the list of global companies that have chosen Polygon for their Web 3.0 integration, such as Robinhood and Stripe.
On the Flipside
Although Meta has been aggressive in its efforts to integrate digital assets into its services, its share price has fallen 24% since 2016.
Why You Should Care
Instagram has 1.386 million users worldwide, so the recent development is likely to increase the adoption of digital assets.