According to firm owner Meta Platforms Inc. (previously Facebook), social media platform Instagram will soon permit creators to mint and sell non-fungible tokens (NFTs) through the platform to consumers both on and off Instagram using a “end-to-end toolkit,”
The tool will be made available to a select set of producers using the Polygon blockchain before being made available to a larger user base.
🚨 MAJOR ANNOUNCEMENT🚨
💻Earlier this year, we announced a display partnership with @Meta.
⛓️Now, @Meta has selected @0xPolygon for MINTING digital collectibles!
For the first time ever, creators will be able to mint & sell Polygon-powered digital collectibles on @instagram! pic.twitter.com/bU0NorU7pe
— Ryan Wyatt (@Fwiz) November 2, 2022
Meta stated that it won’t start charging for the sharing or display of digital treasures until at least 2024, but it did add that any transactions will still be subject to any costs imposed by the relevant app store.
The business also stated that it will at first cover Ethereum “gas fees,” or the price of doing transactions on the network, but it did not say when this policy may stop.
Instagram already allows NFTs from the Ethereum, Polygon, Solana, and Flow blockchains to be displayed on the platform. Instagram has more than 2 billion active users.
This action is a part of Meta’s larger shift towards the Web3 ecosystem, which was best illustrated by the company’s rebranding from Facebook around a year ago, when it aimed to make the metaverse a key component of its economic model.
Following the NFT news, Meta’s stock ended Wednesday trading down 4.9% to US$90.54, or 70% below where it started the day.
