Shortly after Twitter announced the introduction of a feature allowing users to buy NFTs through the tweets, Instagram followed along. Meta is introducing the Instagram NFT marketplace in effect for all US-based users starting this week. Soon you’ll be able to make, sell and buy NFTs through Instagram.
Instagram NFT: Digital Collectibles on the platform
Instagram is allowing users to make their own digital collectibles on the platform. Moreover, the picture giant will also allow creators to sell the NFTs both on and off Instagram. The platform is starting by supporting the creation of Instagram NFT on the Polygon blockchain.
Moreover, they’ll also have an end-to-end toolkit that’ll include all the steps starting from creation, presenting them to selling the non-fungibles. That way, you can easily support your favorite creators. However, this is limited to the US only for now.
Additionally, Instagram is expanding the types of collectibles that you can access through the platform allowing the video-format collectibles.
Lastly, information for select collections where the metadata has been enriched by OpenSea, such as collection name and descriptions, will now be available on Instagram.
Instagram now supports various wallets
If you’re in one of the 100 countries across Africa, Asia-Pacific, the Middle East, and the US, where digital collectibles are available on Instagram, you can connect your wallets. You can connect wallets from Dapper Labs, Coinbase, MetaMask, Rainbow and Trust to Instagram.
Moreover, you can post your NFTs and access your wallets through both Instagram and Facebook if you’ve linked your two accounts together. They noted in their blog announcement “This includes the ability for people to cross-post digital collectibles that they own across both Facebook and Instagram.”
And, the cool thing is that the app is not enforcing any additional fees until 2024. Stephane Karsiel, Meta’s Head of Commerce and Fintech, noted “Meta won’t charge fees to create or sell digital collectibles until 2024, but any in-app transactions are still subject to applicable app store fees”. For example Apple’s 30% fees that enraged crypto fans and creators.
Instagram NFT: Testing out the marketplace
At launch, the app is testing the Instagram NFT marketplace with multiple US creators. This is the initial test, called the “alpha” test, aiming to gain feedback from both fans and creators.
NFTs on Instagram 🎉
This week we’re beginning to test digital collectibles with a handful of US creators and collectors who will be able to share NFTs on Instagram. There will be no fees associated with posting or sharing a digital collectible on IG.
See you next week! ✌🏼 pic.twitter.com/VuJbMVSBDr
— Adam Mosseri (@mosseri) May 9, 2022
Dave Krugman, a selected creator for the Instagram NFT marketplace test, noted in an interview with NFTNow that he’s looking forward to such an exciting and new experience.
He said that “In the 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,”
Krugman also noted that these updates will help reach a wider audience. “Digital collectibles allow me to create niche communities within my larger community, micro-economies that help to fund and power my creative craft. The more support I get, the further I can push my ideas. And the further I push them, the more support I get. It’s a virtuous cycle,” he explained.
“Instagram was a catalyst in my creative career. It decentralized the publishing of imagery, much like the printing press did for the written word. It changed everything for me, and this next step is a clear continuation of that decentralization of access and engagement with our audiences.”
The Instagram NFT marketplace is solid proof of the constant growth web3 and non-fungibles are facing. There’s literally no running away from the digitalized tokens and the metaverse anymore. Prior to these features, it was a choice to go and venture into this new world. However, now it is on the platforms that we spend hours mindlessly scrolling through. If I were you, I’d make sure I fully understand what web3 is as it’s officially part of our day-to-day lives. Here’s a guide to help you get started!