Key Highlights:
- To support minting and selling NFTs on Instagram, Meta has teamed with Polygon.
- There are now more opportunities for artists to monetize their content on various social media platforms.
- Meta will charge NFT creation costs in 2024.
- The testing phase will start with American creators, and then there will be an international expansion.
Meta has switched on early Christmas mode for those who create digital assets. Meta is enabling creators to mint & sell Polygon-powered digital collectibles on & off the Instagram platform for the first time. In addition, Instagram intends to provide several NFT-related services that will let creators create, sell, and display Non-Fungible Tokens (NFTs).
At its Creator Week 2022 event on Nov. 2, Instagram parent firm Meta said that the network would let its creators produce “digital collectibles” and advertise them “both on and off Instagram.”
Who are the supporter blockchains?
In addition to the blockchains it now supports, including Flow (FLOW), Polygon (MATIC), and Ethereum (ETH), Meta recently announced support for the Solana blockchain and its well-known Phantom wallet.
Additionally, metadata for specific NFT collections, including names and descriptions, will be retrieved from the NFT marketplace OpenSea. Support for video NFTs will also be enabled.
Artists and creators who’ll get early access
According to a statement from the firm, Meta will introduce the new NFT features to a select set of artists and content producers before making them available to a larger public. For early access to the new Instagram NFT features, creators, including photographer DrifterShoots, visual artist Ilse Valfré, and artist Amber Vittoria were chosen.
