Meta has been on a journey to turn its platforms, including Instagram and Facebook, into metaverse-enabled Web 3 spaces, now it seems the process is on the fast track as Instagram is being turned into an actual NFT marketplace.
Not only will Meta enable creators to create and sell NFTs on Instagram, but Meta will not charge gas fees – the cost of registering an NFT on a blockchain – which could really shake up NFT marketplaces. Currently, the top NFT marketplaces charge gas fees, so this may make them rethink how creators use these platforms to launch NFT art. If Meta is serious about making NFTs work, this is a good start.
According to NFT Now (opens in a new tab), the site that broke this news, Meta is tracking NFT integration in Instagram, and you’ll be able to buy NFT art in-app, on iOS and Android, just like regular purchases. This means that along with being able to display NFTs, creators will be able to create, sell and buy NFT art on Instagram.
NFT now believes that the top US NFT creators are already on board and using the new tools, including Amber Vittoria (opens in a new tab)Refik Anadol (opens in a new tab)Isaac ‘Drift’ Wright (opens in a new tab)Eric Rubens, Jason Seife (opens in a new tab)Vinnie Hager, Sara Baumann, Olive Allen and Ilse Valfre.
The Digital Collectibles feature has already launched in 100 countries, enabling users to connect their crypto wallets and view NFTs, but now a new set of tools offers an “end-to-end toolset” with features that enables artists to create, sell and buy NFTs. It is important that users can sell their NFTs both on and off Instagram, and some will pull in metadata from OpenSea. The new NFT Instagram feature will now also support Solana, specifically for video NFTs, and the Phantom wallet.
The ability to actually make and create, buy and sell NFTs on Instagram goes even further than expected. This is a bold move, especially as NFTs have seen a decline over the past six months, but it positions the social platform for any future increase in non-fungible token fundraising.
Talking to NFT Now creator and photographer Dave Krugman (opens in a new tab) said, “In an age of interconnected creative communities, the name of the game is incentive alignment. If the things that benefit my audience also benefit me, we are able to create a social symbiosis.”
Instagram has long been the place for artists and creators to grow their audience and grow their business. It unlocked publishing for many artists who were able to create prints, pictures and books and sell their products directly to a dedicated artistic audience. It is therefore fitting that Instagram is the mainstream platform that can unlock the potential of NFTs for many creators.
NFT creators who stamp and sell art and video on Instagram will be able to set their royalty percentage between five percent to 25 percent.
The suggestion that Instagram might not charge fees is interesting, especially given that Meta is losing money on its Web 3 investments and has already stated that it plans to charge fees on its metaverse platform, Horizon Worlds. I expect Meta to offer early adopters a no fee / no gas fee deal, and maybe while it stress tests the platform. So come early.
If you are still new to the world of NFTs, read my guide “What are NFTs?” to find out how they work. Or take a look at how to make and sell an NFT guide, or my guide “how to make an NFT for free” to learn more.
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