Table of Contents
- Marketplace On Instagram
- Initial Support For Polygon-Based NFTs
- A Slow Rollout
- A Strong Belief In Web 3.0
Meta is pulling in all the stops to expand into the crypto ecosystem. The social media platform announced that it would soon have NFT creation and trading tools built-in, allowing creators to seamlessly mint and sell Polygon-based NFTs.
However, according to Meta, in-app purchases will be subject to the respective store app fees.
Marketplace On Instagram
As part of Meta’s latest attempt at expanding into the crypto space, Instagram will soon be adding support for an NFT marketplace, starting with support for Polygon-based NFTs. The “end-to-end” toolkit will enable users to create and launch NFTs directly through Instagram. Meta added that the features are already live for a select group of creators based in the United States of America and will be rolled out to other countries soon. Several creators, such as photographer DrifterShoots, visual artist Ilse Valfre, and artist Amber Vittoria have been selected for early access to the new NFT features on the platform.
Amber Vittoria added that she is excited to be a part of Instagram’s push into the NFT ecosystem, stating,
“Meta and Instagram are consistently finding new and innovative ways to help creators support themselves and their art practice.”
Initial Support For Polygon-Based NFTs
Instagram will initially use the Polygon blockchain to mint NFTs. Additionally, the Instagram application will also pull data related to NFTs from OpenSea, allowing users to view the information directly on Instagram. Meta also added that support for the Solana Phantom wallet was also enabled, and users could view information about collections on OpenSea on the platform.
A Slow Rollout
Meta’s approach to Web 3.0 has been relatively slow-paced, and the strategy behind the latest rollout matches that. In May, Meta announced that it was rolling out a wallet connection feature to select creators. This would allow them to display their NFTs on their Instagram and Facebook profiles. As of now, Facebook and Instagram support displaying NFTs based on the Ethereum, Flow, and Polygon blockchains.
A Strong Belief In Web 3.0
Meta has stated on several occasions that it is a strong believer in Web 3.0. It hopes to enable all creators to leverage their NFTs and allow them to monetize their content better. According to Stephane Kasriel, Meta’s Head of Commerce and Fintech, Meta’s Web 3.0 strategy is focused on helping creators make a living.
“We believe Web3 tech, like blockchain, will positively enhance the economic model for creators by giving them the ability to create new types of digital assets to monetize.”
However, Kasriel added that the crypto space is flooded with complex experiences which hinder mass adoption and stressed the need for a simpler user experience.
Meta added that it will not charge a fee for any NFT sale made through its applications until 2024 and promised to cover Ethereum gas fees for buyers at launch. However, it did not specify how long it would cover the gas costs for. However, it added that in-app transactions would be subject to App Store fees. Despite the progress, it remains to be seen if users will be drawn to in-app NFT purchases on Instagram and whether these features will be available on the browser version of the platform.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.Investment Disclaimer