Instagram is taking a step toward making its platform more than a place to post photos and videos. The social media giant has begun rolling out features. These features allow creators to mint, sell, and showcase NFTs on Instagram.
Instagram launched the new feature in 100 countries around the world. Instagram will allow users to connect to their digital assets and showcase NFTs bought or sold.
Moreover, Instagram has been working on this feature for years. But, it’s only now being introduced in select markets. The company announced that it would soon be adding this functionality back in March. This is when it revealed its plans to launch digital collectibles across the globe.
The feature will allow users who have created NFTs to display their creations in their feeds and tell their followers about them. The new feature will also show any item’s authenticity with a shimmery effect. The effect indicates a verified item. This is like the effect used for verified accounts, but it will only be used for verified items.
Users can now create and sell their own NFTs on Instagram, creating a new way for content creators to build their brands and grow their audience. Also, users will be able to purchase items from other creators’ profiles and purchase NFTs off of the platform.
This update is a huge step forward in making Instagram a community where users can share and buy unique digital assets.
The second feature is the introduction of the Solana blockchain and Phantom wallet. This joins the blockchains and wallets it already supports. It includes Dapper Wallet, Trust Wallet, Coinbase Wallet, MetaMask, Ethereum, and Rainbow.
In addition to supporting these new features, Instagram will feature additional information for select collections. This is where the use of Metadata by Opensea comes in handy. The metadata features collection names and their descriptions. This information will now be available on Instagram.
Metaverse has announced a new program allowing creators to sell NFTs on Instagram. This is a huge step forward for the company. It’s not just because it makes buying and selling NFTs more convenient. It also gives creators a chance to make money from their content.
Until 2024, Meta will not charge fees for creating or selling NFTs through its platform. And if you’re wondering what blockchain gas fees are, they’re the fees your wallet charges you when making transactions (like sending tokens).
With Meta covering these fees at launch (no timeline was provided), creators can focus on making awesome collectibles instead of worrying about whether they have enough money left over after paying off gas fees.
For the past few months, Instagram has been rolling out new tools that allow creators to sell NFTs (non-fungible tokens) on the platform.
In addition to those features, they began rolling out a feature that will enable creators to sell T-shirts, hats, and other physical items.
Also, Instagram is expanding access to subscriptions—which allow fans to pay monthly for exclusive content—to all eligible creators in the US. On Facebook, the company is increasing access to Stars for creators to earn money through Reels.
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