NFTs may no longer be the rage of millionaires like they were a few months ago, but that doesn’t mean they’ve lost interest from big tech companies. Meta, for example, announced new tools that will allow create and sell non-fungible tokens directly from Instagram.
In this way, the social network is deepening its relationship with the NFT world. Recall that since May, Instagram users can connect wallet cryptocurrencies to their profile to display the “digital collectibles” (as Meta calls them) they own. But what he offers takes his commitment to these assets to a new level.
As Mark Zuckerberg’s company explained, NFT creators will be able to use a set of end-to-end tools. This means that they will be able to create – “mintear”, in the jargon potter— display and sell your non-fungible tokens without leaving the Instagram app. However, the commercialization of assets created with this feature will not be limited to the social network. This means that they can also be purchased outside of the platform.
Basically, creating and selling NFTs on Instagram will use the Polygon blockchain. But Meta is looking to expand support for other networks in the future, given that it already allows NFTs built in Ethereum, Solana, and Flow to be shown, in addition to the aforementioned Polygon.
Another novelty that the social network includes is that it can now also accept metadata from some of the NFT collections hosted on OpenSea. As such, the names and descriptions of the digital art pieces that make them up are visible from the Instagram app.
Instagram deepens its relationship with NFT
For now, tools to create and sell NFTs will be available to a limited number of Instagram users in the US. However, the company promises to strive for expand them to other countries in the near future. Of course, no preliminary dates for this have been called at the moment.
Another important point to keep in mind is that when trading non-fungible tokens through Instagram, you must follow the rules of some app stores. Apple App Store in particular. And the Meta did not miss the opportunity to clarify the situation from the very beginning.
Stephan Kasriel, head of commerce, fintech and web3 at Meta, pointed out that will not charge fees for creating or selling NFTs on Instagram until 2024.. In addition, it will initially bear the cost of gas – a fee that users must pay for the use of each blockchain – of those who buy non-fungible tokens; although it is not known by how much. But he clarified that “in-app purchases are still subject to app store fees.”
The latter is not accidental. Apple recently announced that all apps that allow you to buy, sell, and transfer NFTs will need to use its payment gateway. So every move You will have to pay a commission up to 30% to those from Cupertino.
Source: Hiper Textual
