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Gungun Bhatia
Nov 3, 2022
by Gungun Bhatia

Instagram to Permit Creators to Create and Sell NFTs on the Platform

Instagram NFTs

Table of contents

  1. Trading of Digital Collectibles on Instagram
  2. No Cost For Posting and Sharing
Instagram, a social media network, plans to provide a number of features linked to nonfungible tokens (NFTs) that will enable artists to mint, display, and sell NFTs.

Trading of Digital Collectibles on Instagram

The network would enable its creators to produce digital collectibles and trade them online and offline on Instagram, according to Instagram parent firm Meta, which announced this on November 2 during its Creator Week 2022 event.

The Polygon blockchain has been selected by Meta as the inaugural partner for this capability, according to which developers will have access to an end-to-end toolbox for producing, displaying, and selling NFTs inside the network. It states that a limited set of American authors will be able to experience the new capabilities, and enlargement to other nations would follow, but it makes no mention of a specific timeframe for when this will happen.

The Solana blockchain and Meta's well-known Phantom wallet were added to the list of blockchains it now supports, including Ethereum, Flow (FLOW), and Polygon.

No Cost For Posting and Sharing

According to Meta, there will be no costs for posting and sharing digital treasures on Facebook or Instagram, and there won't be any further charges for selling NFTs until at least 2024. However, notably, relevant application store fees are applied to digital collectible purchases made within the Instagram application for the operating systems Android and iOS. Additionally, it promised that for digital collectibles purchased on Instagram at debut, neither artists nor collectors would have to incur gas costs.

Stephane Kasriel, the head of commerce and financial technology at Meta, said that NFT transactions would continue to be subject to app store fees. A reference to Apple's 30% commission on NFT purchases has come under fire for being higher than the typical 2.5% charge imposed by NFT marketplaces like OpenSea.

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Instagram to Permit Creators to Create and Sell NFTs on the Platform
Gungun Bhatia
Gungun is an enthusiastic writer that likes to create content for various aspects of the blockchain and crypto industry. She carries out extensive research and provides readers with informative and high-quality material.

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