Instagram is set to introduce many nonfungible token (NFT)-related tools that allow creators to mint and sell NFTs on its platform and outside. The world’s first photo-sharing app is staying true to its purpose and is coming up with an upgrade—this time with the integration of blockchain technology.
Instagram parent company Meta announced the integration of the tools on 2 November during its Creator Week 2022 event.
Meta took to their official blog to throw more light on the NFT toolkit. With the NFT creation tool, creators will be able to “make their own digital collectibles on Instagram and sell them to fans on and off Instagram.”
According to the blog post, the toolkit to create NFTs on Instagram will be built on the Polygon blockchain. And the NFTs can be easily bought directly within Instagram. While the Gram community waits for this tool to go live, Meta said the new features would be tested with a small group of creators in the US first, with plans to expand to other regions. However, the company did not announce a launch date.
Creators such as photographer DrifterShoots, visual artist Ilse Valfré, and artist Amber Vittoria are among those selected for early access to the new Instagram NFT features.
Moreover, Instagram will be expanding the types of digital collectibles that creators can showcase on Instagram, including videos and pull metadata such as names and descriptions for select NFT collections from the NFT marketplace OpenSea.
Free, for now
As many companies and individuals are entering the Web3 space, Instagram’s NFT creation feature is a massive opportunity for the artists’ community. But the big question is if the tool is offered free. To be sure, Meta’s head of commerce and financial technology, Stephane Kasriel, said that the firm won’t charge fees to create or sell NFTs until 2024. The blockchain gas fees for buyers will also be covered by Meta initially, but it is unclear how long the free pass will last. Besides, Meta has yet to release other parameters like commissions from NFT sales and creator royalties system.