Instagram users will soon be able to generate, display, and sell non-fungible tokens (NFT) on the platform. During its Creator Week 2022 event, Meta (META) revealed a new feature that would allow creators to produce digital artifacts and sell them on and off Instagram.
No charges for new feature
Until 2024, Meta will not charge any fees for producing or selling NFTs. Since both Apple and Google only permit in-app purchases with fiat currencies, Instagram users probably won’t be able to buy NFTs with cryptocurrency using the Instagram app.
Polygon & Arweave will provide infrastructure
Instagram will use the Polygon blockchain to enable users to create and trade NFTs. Following the news’s release, MATIC, the Polygon network’s native token, increased by more than 14%. The Instagram feature will store its creators’ NFTs using the decentralized data storage protocol named Arweave.
The native token of Arweave, AR, increased by nearly 50% soon after the news. Additionally, Instagram users will be able to link their Phantom and Solana wallets in order to display additional types of digital assets, such as videos.
Instagram feature first for American creators
Instagram has announced that American creators will be allowed to use the new feature first and then will eventually be made available to creators in other nations. Meta plans to integrate video NFTs and pull information about selected existing NFT collections, such as names and descriptions, from the NFT marketplace OpenSea.
This is the social network’s most recent Web3 integration, which is in severe competition with TikTok and YouTube. With the Instagram new feature, creators will not only be able to display NFTs but also earn money from them.