- Instagram creators will soon be able to mint and trade their NFTs on and off the platform.
- Meta is offering the feature for video NFTs as well as the ability to connect Solana blockchain and the Phantom wallet.
Amid their continued support for non-fungible tokens (NFTs), social media giant Meta announced its plans for the trading of Instagram NFTs. The announcement notes that Instagram creators will be able to mint their own digital collectibles and sell them to their fans, both on and off the platform.
Currently, Meta is testing these new features with a small group of creators in the United States. However, it plans to expand it to more nations very soon. Meta also announced that users can buy these digital collectibles directly from their favorite users.
Furthermore, Meta is expanding the list of digital collectibles that users can showcase on their Instagram profiles. This includes video NFTs along with added support for the Solana blockchain and the Phantom wallet. Meta also states that information for some selected NFT collections will be showcased on Instagram, provided the metadata has been enriched by NFT marketplace OpenSea. This includes collection names as well as descriptions. Meta said:
We’re making it easier for people to show appreciation for their favourite creators across our apps, which helps creators strengthen their community and build their business.
To all the eligible creators in the U.S, the tech giant is also expanding access to subscriptions on Instagram. This will further help creators build consistent income and establish a closer relationship with their followers. Furthermore, Meta has also introduced gifts on Instagram, starting with Reels. Followers can purchase the ‘Stars’ directly on Instagram and send gifts to support creators on Reels.
Giving 4 billion people access to NFTs
Meta’s two social media platforms – Facebook and Instagram – have a combined reach of nearly half of the world’s population. As we know that Meta is making a big move into the Metaverse space and spending billions of dollars to build the infrastructure. Company CEO Mark Zuckerberg is pretty confident that their big bet will pay off in the future.
Earlier in September, Meta announced that their Facebook and Instagram users could connect their wallets and share digital collectibles. This will also allow users to post their digital collectible NFTs that they own across both Instagram and Facebook. This feature is available in more than 100 countries where digital collectibles are accessible on Instagram.
By delving into the world of non-fungible tokens (NFTs), Meta is testing the waters ahead of its planned Metaverse release. NFTs can play a crucial role in accessing and buying different digital assets in the Metaverse. They could set up the ground for building an entire Metaverse economy.
Currently, Meta supports connection with third-party wallets including Rainbow, MetaMask, Trust Wallet, and Coinbase Wallet. Some of the supported blockchains include Ethereum, Polygon, Flow, and Solana.
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