coinculture.com
Shortly, Instagram will enable digital creators to mint and sell non-fungible tokens (NFTs) directly on the social media platform.
Recently, the image-centric app released its Digital Collectibles feature in 100 countries, allowing users to connect their digital wallets and display NFTs they created or purchased. The connected NFTs can be displayed in your feed with a shimmering effect indicating their authenticity.
The latest update will enable creators to create their digital collectibles and sell them on and off Instagram, providing them with a “complete toolkit” for creating, displaying, and selling NFTs.
A small group of creators will initially test the update, including Amber Vittoria, Refik Anadol, Jason Seife, and Dave Krugman.
Instagram will also permit the display of video-based digital collectibles on its platform and add support for the Solana blockchain and Phantom wallet. Previously, the platform supported Ethereum, Polygon, and Flow blockchains, besides connections to third-party wallets such as Rainbow, MetaMask, Trust Wallet, Coinbase Wallet, and Dapper Wallet.
Meta stated that it would not charge fees for displaying or sharing a digital collectible on Instagram or selling digital collectibles until at least 2024. However, digital collectible purchases made on the Android and iOS platforms within the Instagram app are subject to applicable app store fees.
At launch, neither creators nor collectors will be required to pay gas fees for digital collectibles purchased on Instagram.
According to a step-by-step video of the new feature viewed by CoinDesk, it appears that NFT creators will be able to select a royalty percentage between 5% and 25%. Creators can then connect their bank or PayPal accounts to receive payment.