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NFTs may no longer be the multi-million dollar craze they were a few months ago, but that doesn't mean they've lost the interest of big tech. Meta, for example, advertisement new tools that will allow Create and sell non-fungible tokens directly from Instagram.
In this way, the social network deepens its relationship with the world of NFTs. Remember that, since May, Instagram users can connect a wallet of cryptocurrencies to your profile to display “digital collectibles” (as Meta calls them) that they own in it. But what it's proposing now takes its commitment to these assets to another level.
As Mark Zuckerberg's company explained, NFT creators will be able to use an end-to-end toolkit. This means they will be able to create—"mint," in the jargon wine cellar—, display and sell their non-fungible tokens without having to leave the Instagram appHowever, the marketing of assets created using this feature will not be limited to the social network. This means they can also be purchased outside the platform.
In principle, the creation and sale of NFTs on Instagram will use the Polygon blockchainBut Meta is aiming to expand support to other networks in the future, considering it already allows the display of NFTs created on Ethereum, Solana, and Flow, in addition to the aforementioned Polygon.
Another new feature incorporated by the social network is that it can now also retrieve the metadata from some NFT collections hosted on OpenSea. This way, the names and descriptions of the digital art pieces that comprise them are visible from the Instagram app.
For now, NFT creation and sales tools will be available to a limited number of Instagram users in the United States. However, the company promises to work hard to expand them to other countries in the near futureOf course, no tentative timeframe has been mentioned for this yet.
Another important point to keep in mind is that the sale of non-fungible tokens through Instagram will have to comply with the guidelines of some app stores. Specifically, Apple's App Store. And Meta hasn't missed the opportunity to make this clear from the start.
Stephane Kasriel, Head of Commerce, FinTech and web3 at Meta, said that There will be no fees for creating or selling NFTs on Instagram until 2024.Additionally, it will initially cover the gas costs—the fee users must pay to use each blockchain—of those who purchase non-fungible tokens; though it's unknown for how long. However, it clarified that "in-app purchases are still subject to app store fees."
This last point is no coincidence. Apple recently announced that all apps that allow the purchase, sale, and transfer of NFTs will be required to use their payment gateway. In this way, each movement You will have to pay a commission of up to 30% to those from Cupertino.
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