Meta's Instagram Plans NFT Minting, Trading Tools - Decipher

Meta’s Instagram Plans NFT Minting, Trading Tools – Decipher

Instagram is developing an NFT hit and sell feature through its app, parent company Meta announced on Wednesday. The next “end-to-end toolkit” for NFT will allow users to create and launch their own NFTs to sell through Instagram.

“A small group of creators will soon be able to create digital collectibles (NFTs) and sell them directly on Instagram,” Meta’s head of commerce and fintech Stephane Kasriel said in a statement.

NFTs – which Meta often calls “digital collectibles” – are unique blockchain tokens that signify ownership of an asset, usually a piece of digital art.

At launch, Instagram use the Polygon blockchain for NFT typing. The app will also pull NFT metadata from OpenSea so collection names and descriptions can be viewed on Instagram.

Meta will roll out the new NFT features to a select group of artists and content creators before offering the features to a wider audience, the company shared in a statement. Creators such as photographer DrifterShootsvisual artist Ilse Valfreand artist Amber Victoria are among those selected for early access to new Instagram NFT features.

Victoria said Decrypt via Twitter DM that she is thrilled that Instagram is continuing its push into NFTs.

“Meta and Instagram are constantly finding new and innovative ways to help creators support their artistic needs and practice,” Vittoria said.

This slow deployment strategy matches the rest of Meta’s approach to Web3. In May he announcement he deployed a wallet Login feature to select creators to post their NFTs on their Instagram and Facebook profiles.

Today, Facebook and Instagram support the display of NFTs on the EthereumPolygon and To flow blockchains, allowing users to connect their wallets to their accounts to view NFTs. Support for Solana and Phantom Wallets arrived.

Why the big NFT push? Meta says it believes in the vision of Web3 and wants creators to leverage NFTs to better monetize their content.

“Our strategy for Web3 technologies, including blockchain, is focused on helping creators earn a living,” Kasriel said.

“We believe that Web3 technology, like blockchain, will positively improve the business model for creators by giving them the ability to create new types of digital assets to monetize.”

But Kasriel also thinks the crypto space is flooded with “complex experiences” that inhibit mass adoption.

“There must be a much simpler user experience,” he said.

While Meta won’t initially charge its own fees for NFT sales made through its apps, that’s on the horizon. It also pledged to cover Ethereum gas fees for “at launch” buyers, but did not specify an end date for the benefit.

“Meta will not charge a fee to create or sell digital collectibles until 2024,” Kasriel said, but noted that any in-app transactions “are still subject to applicable App Store fees”, such as Apple’s controversial 30% tax.

What’s unclear, however, is whether users will jump for the convenience of an Instagram NFT in-app purchase and whether Instagram’s NFT features will roll out to the browser version of its platform as well. form in the future.

In response to Decrypt’s request for comment, a Meta representative pointed to Kasriel’s statement posted on Medium.

“Instagram was a catalyst in my creative career – it decentralized the posting of images – just like the printing press did for the written word,” said photographer Dave Krugman, who was also chosen for access. anticipated to Instagram’s new NFT features.

“I was able to avoid the limitations of a closed media landscape and access my audience directly. It changed everything for me, and this next step is a clear continuation of this decentralization of access and engagement with our audience.”

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