Meta enables NFT trading on Instagram

From the company Meta have announced that the Instagram application will incorporate new features, such as minting NFT and also the trading of tokens through its own marketplace.

Meta Platforms Inc. (formerly Facebook Inc.), continues to make great strides in the web world3 with new implementations for its applications that have been 100% functional in the market for many years, as well as with various strategies and investments in the Metaverse for the future.

This is not the first time that Meta has linked Instagram and Facebook applications to NFTs. In January, Meta announced that both applications would be introduced to the NFT field. In May, Meta CEO Mark Zuckerberg announced that they were going to start testing NFT functions. Subsequently, as we mentioned in this year’s note published on August 31 In May, we at NFTexpress reported the news that Meta enabled NFT sharing through Facebook and Instagram.

But just the function was restricted in the strict sense of the word; you could only share and display NFT in both applications. There was no other tool or functionality other than that.

Now is news of a new update that was published on the Meta site, in which it was announced the start of the NFT marketplace in the Instagram application. Thus, not only will it be possible to display NFT, but now it will also be possible to buy, sell, exchange thousands of non-fungible tokens in its own marketplace.

Another feature they plan to enable soon is the ability to “mine” or mint a non-fungible token from scratch. In this way, the company’s main objective is to encourage creators and provide them with the necessary tools to create and sell NFTs from Meta applications.

The company’s announcement was made during its Creator Week 2022 event, and states that creators will be able to create their digital collectibles on Instagram and sell them, either within the application or in other marketplaces. They will also have tools for the entire process, from creation to exhibition.

On the other hand, they also point out that people will be able to support their favorite creators in an easier way, through the purchase of their NFTs directly through Instagram. They will initially test the new features with a small group of creators in the U.S. and hope to expand to many more countries.

To make these new functionalities a reality, Meta chose blockchain Polygon as an initial partner; beyond having current tie-ups with other projects such as Ethereum and Flow. In addition, Meta expressed its support for the Solana blockchain, and its Phantom wallet.

Another new feature is that they will incorporate support for NFT videos and metadata, such as descriptions of some NFT collections, whose information will be provided from OpenSea.

Stephane Kasriel, Meta’s director of trading and financial technology, said that Meta will not charge fees for creating or selling non-fungible tokens until 2024, so the company will cover the transaction costs of the blockchain.

Notwithstanding the foregoing, transactions may be subject to individual app store fees, such as Apple’s commissions on NFT sales of 30%.

On the other hand, from Polygon made the news public, expressing that Meta chose Polygon to mint digital collectibles, and for the first time Meta will allow creators to mint and sell NFT on and off Instagram.

Written by Luciano Garriga (TW:@luchogarriga) for NFT Express