Meta Is Testing NFT Minting And Trading On Instagram
Meta and Polygon are developing a toolkit for users to store, buy and sell NFTs on Instagram. The platform now supports NFTs created on the Solana blockchain along with Ethereum, Flow and Polygon.
Silicon valley giant Meta, formerly Facebook, is testing a toolkit that will allow users to mint, store and sell non-fungible tokens (NFT) on Instagram, the company’s photo and video sharing platform. According to the announcement made during its 2022 Creator Week, Meta said that the service can be utilized to create and sell digital collectibles both on and off Instagram. Meta is developing the “end-to-end” toolkit in collaboration with Polygon – a Layer-2 scaling solution for Ethereum and issuers of the MATIC token.
Last month, Instagram released a feature that enabled users in more than 100 countries to display NFTs on their profiles by connecting crypto wallets. The platform currently showcases collectibles minted on Ethereum, Polygon and Flow blockchains, and supports crypto wallets including MetaMask, Dapper Wallet and Coinbase Wallet. Additionally, Instagram has now supports Solana blockchain and its Phantom wallet, and will feature video NFTs on the platform. Users can add profile picture NFTs similar to Twitter and Reddit, and pull metadata from digital collectibles marketplace OpenSea to provide descriptions for select artworks.
Meta has promised that it will not charge any fees from users to create or sell NFTs and also cover all transaction fees for buyers until 2024. The company has not revealed details about royalties for creators or platform commission fees for displaying the collectibles. However, since Instagram is a mobile-first platform, it is subject to commission fees charged by Apple and Google for in-app purchases. This means that buyers will only be able to purchase the NFTs using fiat currencies as both Apple and Google have banned in-app purchases using cryptocurrencies.
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