With the addition of new tools that let you make and sell NFTs right from your app, Instagram takes a new step toward web3.
Even though NFTs aren’t as popular with millionaires as they were a few months ago. However, that doesn’t mean that the big tech companies aren’t still interested in them. Meta, for example, just announced new tools that will make and sell non-fungible tokens right from Instagram.
In this way, the social network gets closer to the world of non-fungible tokens (NFTs). Let’s remember that since May, Instagram users can link a cryptocurrency wallet to their profile. It helps them to show the “digital collectibles” (as Meta calls them) they have in it. But what he wants to do now shows that he cares even more about these assets.
According to Mark Zuckerberg’s company, NFT creators can use set of tools that work from beginning to end. This means that they can make (called “minting”), and sell their non-fungible tokens without having to leave the Instagram app. But the assets made with this function won’t just be sold on the social network. This means they can be bought outside of the platform as well.
In general, the Polygon blockchain will be used to make and sell NFTs on Instagram. But Meta plans to add support for more networks in the future. It already lets you see NFTs made in Ethereum, Solana, and Flow, in addition to Polygon. So, it’s clear that they’re serious about this.
The social network can now also use the metadata of some collections of NFTs that are hosted on OpenSea. This is a new feature. Thus, you can see the names and descriptions of the pieces of digital art that make up them.
Instagram is getting more interested in NFTs
At the moment, only a small number of Instagram users in the US will be able to use the tool for NFTs. But the company says it will try to make them available in other countries in the near future. At this point, there haven’t been any hints about possible deadlines.
Another important thing to remember is that trading through Instagram will have to follow the rules of some app stores. In particular, in the Apple App Store. Meta hasn’t missed a chance to make that clear from the start.
Stephane Kasriel, who is in charge of Commerce, FinTech, and Web3 at Meta, said that creating or selling NFTs on Instagram will not cost commissions until 2024. Also, at first, it will pay the gas costs — the fee that users have to pay to use each blockchain — of those who buy non-fungible tokens, but no one knows for how long. But she said that “app store fees still apply to in-app purchases.”
This doesn’t happen by chance. Is that Apple just recently said that all apps that let you buy, sell, or move NFTs will have to use its payment gateway. So, each movement has to pay a commission to those in Cupertino of up to 30%.30