Meta Introduces Polygon-based NFT Trading And Minting On Instagram
During the week, Meta announced that it would launch an “end-to-end toolkit” on Instagram. This toolkit will allow its users to develop and launch NFTs on the social media platform. Instagram, a Meta-owned social media platform, wants to introduce several NFT-related tools.
These tools will allow its users to mint, display, and trade NFTs. Meta announced the feature at its Creator Week 2022 on November 2nd. This feature allows users to create and sell digital collectibles on Instagram and other platforms.
According to Meta, the Polygon blockchain will be the first partner for this new feature. Meanwhile, the report noted that the feature would be available for only a few creators in the US. However, they would be the first to test the functionality and report any error or bug.
However, Meta said the expansion to other nations would occur after but gave no specific date. Currently, the blockchains that Meta supports include Ethereum, Flow, and Polygon.
Recently, the company added another blockchain to the list. This week, Meta announced that its platform now supports Solana and Phantom wallet.
Meta also plans to add video NFTs support. It will also pull metadata like descriptions and names for specific NFT collections from the OpenSea NFT marketplace. Stephane Kasriel, the head of commerce and financial tech at Meta, said the company will not charge fees for NFT creation and trading until 2024.
Additionally, Meta will cover the blockchain gas fees that buyers are to pay. However, this no-fee feature will become available when the functionality is launched. Meta did not state how long this would last.
App Store Charges Will Apply To NFT Transactions
Kasriel said app store charges would apply to NFT transactions. An example is Apple’s 30% commission for all NFT sales. The crypto community recently criticized Apple for its high fees. With this, users cannot acquire these NFTs with cryptocurrencies through Instagram.
This is because both Google and Apple only enable in-app transactions using fiat money. In addition, both platforms prohibit external links, buttons, or other means that allow consumers to avoid fees.
Furthermore, there are still some uncertainties surrounding Instagram’s latest NFT feature. One is the commission users pay for minting and trading on the platform.
Meta has not unveiled many details concerning its commission on NFT sales. However, the Instagram creator community can only hope the commissions are fair.
Also, the company did not say if the feature has a royalty system. Last month, Magic Eden, a Solana-based NFT marketplace, introduced an optional royalty system. A royalty is an income the original owner of an NFT receives each time their NFT is sold.
Other NFT marketplaces are also pushing for an optional royalty system. Perhaps, Meta might take a similar stance.
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