Meta’s Instagram Now Lets You Buy and Sell NFTs In App!

Instagram NFTs are almost here! During its Creator Week 2022 event, Meta announced an update to its creator monetization system. The new update will allow creators to share, buy, and sell NFTs directly from the photo-sharing platform. Read on to learn more about the Instagram NFT marketplace.

What Will The Instagram NFT Marketplace Offer?

The leading photo-sharing app Instagram will now allow creators to distribute their digital assets directly on Instagram. Creators can now monetize their fanbase and followers with the power of web3. The update is only available to select, curated creators based in the United States. Instagram plans to roll out the feature to a wide range of creators in the near future. Instagram will allow these select creators to access an inbuilt toolkit to enable them to create NFTs using the Polygon blockchain. Creators can then choose to sell these NFTs either directly on Instagram or off the platform as well!

Meta also stated that it would not be taking a cut from any of the NFT sales revenues. In addition to the blockchains and wallets that Meta already supports, Instagram also introduces Phantom Wallet support and the Solana blockchain. Moreover, the company has also expanded the types of digital collectibles that can be featured on the platform to include Video NFTs. CEO Mark Zuckerberg has been looking to get into NFTs and digital collectibles since the start of the year, and with this move, has now switched gears full speed ahead.

On their official website, they have also stated, “It’s critical that our early efforts in this space empower diverse voices and that underrepresented groups have access to emerging digital assets like NFTs. By building support for NFTs, we aim to improve accessibility, lower barriers to entry, and help make the NFT space more inclusive to all communities.”

Who Are The Instagram Web3 Creators?

The official Meta website has also stated the names of a few creators that people can follow on Instagram to witness NFTs on its platform. Famous names like Web3 mogul Gary Vee (@garyvee), OG NFT creators Adam Bomb Squad (@adambombsquad), Jaden Smith (@c.syresmith), and leading photographer @MissHatan are some people to follow.

In addition to the Instagram digital collectibles, Meta is also working on optimizing NFTs on Facebook. Furthermore, Instagram is also applying updates to display and share digital collectibles as AR stickers in Instagram Stories. This move further solidifies and strengthens the adoption of NFTs across significant platforms and communities. There are massive chunks of the population who aren’t on Crypto Twitter. Most of these people need to be made aware of the real possibilities of web3 and NFTs. Meta’s latest move allows these audiences to take web3 for a spin!