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Facebook’s owner Meta is planning to bring NFT trading to Instagram users
The feature will be among a group of other NFT-based functionalities that also allow users to sell their virtual assets outside Instagram
Meta intends to initially enable the feature in partnership with the Polygon blockchain
Facebook’s owner Meta has revealed plans to bring NFT trading functionalities to Instagram, another Meta-owner social media giant. Meta will also allow creators on the platform to sell the collections outside the social media platform. The new features will initially be powered by the Polygon blockchain and comes hot on the heels of Twitter announcing a similar feature.
U.S-based Instagram Users to be Guinea Pigs
Meta disclosed that it will incorporate the necessary tools on Instagram to allow the platform’s users to create “digital collectibles” that can be sold on or outside the platform. Apart from creating and selling virtual artworks, users will also be able to showcase their creations.
Meta will choose a small number of Instagram users from the U.S. to test the new features before they’re opened for users in other countries. As a start, Meta will partner with Polygon and later support Ethereum, Solana, and Flow blockchains.
Instagram will also access metadata from leading NFT marketplace OpenSea. According to Meta’s commerce and financial technologies lead Stephane Kasriel, the features are part of the company’s plans “to integrate blockchain and digital assets across Meta technologies.”
No Charges Until 2024
Kasriel further noted that the tech giant won’t charge users for creating or selling NFTs “until 2024.” However, the Meta executive clarified that app store fees will still apply for “in-app purchases,” and the tech heavyweight will cover gas fees for NFT buyers “at launch.”
The executive explained that the Instagram-based NFT features are ideal for a wide range of users including athletes, designers, musicians and developers who are looking to create tailored experiences for their fans. The news comes less than a week after Twitter announced plans to introduce a form of NFT trading through tweets.
Although the announcement comes at a time when Meta’s metaverse department continues to report losses, it is yet to be seen whether Instagram’s over one billion users will motivate Meta’s NFT and metaverse exploration ambitions.