Instagram to Become Social NFT Marketplace as Select Creators Can Soon Mint and Sell NFTs

Creators will soon be able to mint their own NFTs and sell them to fans both on and off Instagram.
Image source: Polygon

Quick take:

  • Creators can utilise Instagram’s end-to-end toolkit powered by Polygon.
  • Users can purchase NFTs from creators directly within Instagram.
  • Instagram will be adding support for the Solana blockchain and Phantom wallet.

Instagram is expanding beyond being a social networking platform and becoming a social NFT marketplace as it will soon allow creators to mint, showcase and sell digital collectibles authenticated by NFTs.

Meta announced on Wednesday that it will soon test the new features with a small group of creators in the U.S. first, before expanding to more users and countries soon. Creators can utilise Instagram’s end-to-end toolkit powered by Polygon to make, showcase and sell NFTs on and off Instagram.

Meta is also expanding the type of digital collectibles that can be showcased on Instagram to include video and adding support for the Solana blockchain and Phantom wallet, in addition to existing chains such as Ethereum, Polygon, Flow and the Metamask wallet that Instagram already supports.

The social media platform began testing support for NFTs in May and rolled out the new feature to more than 100 countries by September, allowing Facebook and Instagram users in the U.S. to connect their wallets, share their digital collectibles and automatically tag the creator and collector without paying any network fees.

This news comes after Apple updated its App Store guidelines stating that apps are allowed to mint, list, and transfer NFTs, and may allow users to view their own NFTs and collections by others but cannot include buttons, external links, or other calls to action that direct customers to external purchasing mechanisms other than in-app purchases, thus ensuring that NFT platforms cannot circumvent the 30% cut – widely known as the Apple tax – that the tech giant takes for in-app NFT transactions.

The success of a socially driven NFT project or marketplace was also proven by Reddit, which saw nearly three million users purchasing its “collectible avatars” built on the Polygon network and just passed $10 million in sales in three months on Oct 31. The week before that, the Reddit NFT marketplace witnessed a significant spike in transaction volume, rising 168% to $5.9 million according to CryptoSlam data.

With NFT marketplace features being integrated with Instagram, this could onboard not just millions but 1 billion of Instagram’s monthly active users to Web3.

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