Instagram is expected to launch a variety of nonfungible token (NFT)-related capabilities, allowing creators to mint, display, and sell NFTs.
Instagram parent firm Meta said at its Creator Week 2022 event on November 2 that the network will allow its creators to create "digital artefacts" and sell them "both on and off Instagram."
Meta claims that creators will have a "end-to-end toolbox" for making, displaying, and selling NFTs on the platform, and that the Polygon blockchain has been chosen as a first partner for this capability.
It claims a "limited set" of US-based producers will be allowed to test the new capabilities, and that expansion to other countries will follow, although no timetable was offered.
In addition to Ethereum, Flow, and Polygon, Meta has unveiled support for the Solana blockchain and its famous Phantom wallet.
Support for video NFTs will be implemented, and metadata such as names and descriptions for selected NFT collections will be retrieved from the NFT marketplace OpenSea.
Stephane Kasriel, Meta's head of commerce and finance technology, stated that Meta will not charge fees to manufacture or sell NFTs until 2024, and that blockchain gas expenses for purchasers will be paid by Meta "from launch," but he did not specify how long the launch timetable would be.
Kasriel stated that NFT transactions will still be subject to "app store fees," alluding to Apple's 30% commission on NFT sales, which has been heavily criticised for being higher than the usual 2.5% charge imposed by NFT marketplaces such as OpenSea.
Buyers appear to be unable to acquire Instagram NFTs using crypto through the Instagram app since both Apple and Google only enable in-app transactions using fiat currencies and both prohibit buttons, external links, or other activities that allow consumers to avoid fees.
Meta has not disclosed how much of a commission it intends to earn from NFT sales, nor has it revealed the details of its creator royalties structure; it is also uncertain whether it will follow the current moves from NFT markets to migrate to opt-in royalty models.
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