Meta has introduced new tools for Instagram. Users will now be able to create and sell NFTs both on and off the social media platform.
The company has partnered with Polygon to enable its users to create and trade NFTs. In the near future, Instagram will roll out a set of tools for creating, viewing, and selling collectibles. The first to test the new features of the social media platform will be a team of selected users from the United States.
Source: about.fb.com
Source: about.fb.com
Meta reported an expansion of the NFT showcase, which now includes videos, added support for the Solana blockchain and Phantom wallet. ПThe latest update from this category is the feature of exploring the metadata of collections placed on the OpenSea marketplace directly via the Instagram mobile app.
Meta's director of commerce and financial technology, Stephane Kasriel, wrote on Medium:
“A major challenge creators face now is feeling like their relationships with their fans are “locked in” on specific platforms, resulting in creators building and managing a presence and community across many platforms”.
He believes that blockchain will help today's authors not only control but also monetize their works. The creation of new types of digital assets and sustainable ways of business development will facilitate this process.
According to Kasriel, the use of blockchain will increase the efficiency of existing business models, as well as become the basis for direct and profitable relationships with fans. Speaking of the terms of cooperation between artists and Meta, they wrote:
“Meta won’t charge fees to create or sell digital collectibles until 2024 (though in-app purchases are still subject to app store fees), and at launch we’ll be covering blockchain fees (known as “gas fees”) for buyers.”
Instagram aims to simplify user interaction with NFTs and allow fans to communicate directly with their favorite creators. The latest updates are just the first steps toward popularizing digital collectibles and giving their creators additional business possibilities. Kasriel believes the new tools will be trending to more than just artists.
“This technology can help creators of all kinds — musicians, designers, developers, athletes, and more — find their audience, build tailored fan experiences, and monetize in whatever way best suits their community.”
