Starting this week, Instagram will introduce some NFT-related tools that will allow creators to mint, show, and sell different kinds of NFTs.
Meta announced this on November 2 during its Creator Week 2022. It says its creators will have an “end-to-end toolkit” for creating, showing, then, selling NFTs within the platform.
The plan is to allow its creators to make digital collectibles and be able to sell them both on and off Instagram.
Meta has chosen Polygon as the initial partner or platform for NFT minting and trading. The platform will be tested among some creators in the U.S. first, including Dave Krugman, Refik Anadol, Amber Vittoria, Jason Seife, and several others.
When this is successful, it will expand to creators in other areas as well.
Although Meta has not stated how much commission it plans to take from NFT sales, it appears that NFT creators will choose their royalty percentage between 5%-25%. Creators can link their bank account or PayPal account to get paid.
In addition to Ethereum, Flow, and Polygon, Meta currently supports the Solana Blockchain and its Phantom wallet. It will support video NFTs and descriptions will be pulled from OpenSea.
Stephane Kasriel, Meta’s head of commerce and financial technology, stated that ‘’Meta won’t charge fees to create or sell NFTs until 2024.”, and neither creators nor collectors will pay gas fees for digital collectibles bought on Instagram at launch.
Kasriel also said, “Digital collectible purchases made in the Instagram app on the Android and iOS operating systems are subject to applicable app store fees.”
With this, NFT collectors will buy Instagram NFTs through the Instagram app using crypto as both Google and Apple only support in-app purchases using regular currencies. Additionally, both are careful with links, buttons, and other things that allow users to circumvent commissions.