On Wednesday, Stephane Kasriel, an executive head at Meta, announced that a feature is being developed to allow NFT minting and sale through the application. The upcoming end-to-end toolkit will allow users to create personalized tokens and simultaneously launch them for sale through the application.
Meta refers to NFTs as digital collectibles based on blockchain technology that denote ownership over the asset, usually a piece of digital art. Instagram will use the Polygon blockchain for NFT minting. It will also use the token’s metadata from OpenSea, the world’s first and largest web3 marketplace for NFTs and crypto collectibles. This will allow the collection names and descriptions to be viewed on Instagram.
The feature is expected to come into action soon, allowing a group of artists and content creators first to create, launch and sell their tokens before launching them to the more extensive user base. A statement by the company specified certain personalities who will receive early access to the feature. The list includes Isaac Drift Wright (a photographer), Ilse Valfre (a visual artist), and Amber Vittoria (an artist) among those selected. The selected creators have expressed excitement towards the new feature and have appreciated the application for making efforts in favor of the creators.
Meta’s approach to Web3 and blockchain has always been progressive. Earlier this year, it also announced to allow its users to post their digital collectibles and non-fungible tokens (NFTs) on the platform, as reported by Todayq. It announced a wallet connection feature to allow users to display their token collections on their Instagram and Facebook profiles via the Ethereum, Polygon, and Flow blockchains; however, support for Solana and Phantom wallets is expected soon.
Kasriel also revealed Meta’s deep belief in Web3 and its use in favor of creators by allowing them to create unique content, including digital assets, and monetize it. However, he highlighted the complexities in the crypto space preventing mass adoption while suggesting a more straightforward user experience.
Meta initially won’t be charging its fees for the creation or sale of NFTs through the platform until 2024, and it also aims to cover Ethereum gas fees for buyers at launch but hasn’t specified the period for it. However, any in-application transactions are still bound to the app store fees like the infamous Apple’s 30% tax.
Nonetheless, there still needs to be more clarity from the company on the grounds of the feature applying to the browser version of the platform in the future.