In the future, Instagram (1) will make it possible for digital producers to produce and trade non-fungible tokens (NFTs) right from the social media platform.
Will everyone be able to use this feature?
The image-focused app only made its Digital Collectibles feature available in 100 nations, enabling users to link to their digital wallets and display NFTs that they have either made or purchased. Your feed will display the associated NFTs, which have a shimmering appearance to denote legitimacy. The most recent version will give producers an "end-to-end toolbox" for producing, exhibiting, and selling NFTs by enabling users to create their digital collectibles and sell them on and off Instagram.
A select few creators will first test the upgrade, including Amber Vittoria, Refik Anadol, Jason Seife, Dave Krugman, and others. Instagram will also add support for the Solana blockchain and Phantom wallet and permit the display of video-based digital items on its site. Before this, the platform connected to third-party wallets, including Rainbow, MetaMask, Trust Wallet, Coinbase Wallet, Dapper Wallet, Ethereum, Polygon, and Flow blockchains.
Is this feature chargeable?
According to Meta (2), there will be no costs for posting and sharing digital treasures on Facebook or Instagram. There won't be further fees for selling digital collectibles until at least 2024. However, it was noted that "relevant app store fees are applied to digital collectible purchases made within the Instagram app for the Android and iOS operating systems." Additionally, it promised that for digital artifacts purchased on Instagram at launch, neither artists nor collectors would have to pay gas costs.
The new feature's step-by-step video witnessed that NFT developers will also be able to select their royalty portion, which will likely range from 5% to 25%. Then, creators can connect their bank account or Paypal account to get paid.