Instagram, the visual social media platform owned by Meta, has announced that they will soon be allowing creators to create and sell NFTs directly in-app. This is currently being tested with a select group of creators, mainly from the US, and will begin with NFTs minted on the Polygon blockchain.
A few months ago, Instagram launched its Digital Collectibles feature that allows users to connect to their digital wallets and showcase the NFTs that they own on their feed. The latest feature brings things even further by giving creators a full ‘toolkit’ that allows them to make, display and sell their collectibles on the platform. As a next step, Instagram will soon be rolling out more features to include video digital collectibles and additional compatibility with more blockchains and more crypto wallets.
The good news for creators is that Meta has confirmed that they will not be charging any fees yet for transacting on both Instagram and Facebook, at least not until 2024. They reminded the creators though that digital collectible purchases made through iOS and Android apps could still be subject to the app store fees. They have also pledged that they will not be levying any gas fees for purchases made through Instagram at launch. Lastly it seems that creators will be in a position to choose their own royalties, ranging anything from 5%-25%, which puts the power back into the creators’ hands. In case you have missed it, there is a huge debate that is currently going on regarding the validity of royalty fees, which has resulted with some companies opting for optional royalties.
Instagram is showing that they want to help creators make money and they believe in the potential of digital collectibles. We previously reported on Twitter launching their ‘NFT Tweet Tiles,’ which are basically tools that will let you buy, showcase and sell your NFTs in one single tweet. As different Web2 platforms figure out their own strategies to include things like NFTs, creators, collectors, and investors should benefit from all of this new interest. This may be an opportunity for Meta and its family of apps to embrace Web3 and win over NFT creators.