Instagram has announced that a select group of digital creators will soon be able to mint and sell NFTs directly the social media platform instead of relying on various third parties. The image based app recently launched its Digital Collectibles feature in 100 countries, thereby successfully enabling users to connect to their digital wallets and display NFTs that they created or purchased. The linked NFTs would therefore appear in users feed with a unique effect to indicate authenticity. Moreover, the most recent update will enable creators to create their own digital collectibles and sell them on and off Instagram, providing them with a end-to-end toolkit which can be utilized for creating, displaying, and selling NFTs. The new marketplace would also first be tested among a small group of creators in the United States, including Amber Vittoria, Dave Krugman, Jason Seife, Refik Anadol, and others, via the Polygon blockchain. Instagram will additionally support the Solana blockchain and the Phantom wallet along with video focused digital collectibles. Meta stated that there will be no fees for displaying and sharing a digital collectible on Facebook or Instagram and that there will be no additional fees for selling digital collectibles either until at least 2024. Furthermore, the company promised that neither creators nor collectors would have to pay gas fees for digital collectibles purchased on Instagram at launch. However, application store fees for Android and iOS may still be applicable.
