Instagram will soon host a marketplace for non-fungible tokens (NFTs) starting with support for Polygon, the company announced. Instagram intends to incorporate an entire end-to-end toolkit that can be utilised for showcasing and selling NFTs, both on and off the platform, starting with the Polygon blockchain. The features are live with a small group of creators in the US and will be expanded to other countries soon. Support is also live for Solana's Phantom wallet, Meta said, adding that information for collections from OpenSea can now be viewed on the platform.
In August, Meta introduced NFT support for Instagram in 100 countries with a limited user base. As per the recent announcement, all users in these 100 nations can now access the function on Instagram.
For early access to the Instagram NFT features, creators including photographer DrifterShoots, visual artist Ilse Valfré, artist Amber Vittoria and many more were selected by the Meta-owned company.
Facebook and Instagram users will soon be able to upload NFTs based on Ethereum, Polygon, and Flow by connecting their wallets, such as Rainbow, MetaMask, Trust Wallet, Coinbase Wallet, and Dapper Wallet. Meta has also added the Solana blockchain to that list along with Phantom Wallet. Meta is also expanding the types of digital collectibles that users can showcase on Instagram, including videos.
Meanwhile, Meta's Head of Commerce and Fintech, Stephane Kasriel, stated, "Meta won't charge fees to create or sell digital collectibles until 2024, but any in-app transactions are still subject to applicable app store fees."
Polygon co-founder Sandeep Nailwal noted, "The value added to the creator economy is unmatchable and championing verifiable digital ownership on a platform with such reach will help us further our goal of onboarding the next billion users to Web3."
In October, Meta allowed Facebook and Instagram users in the US to connect their wallets, share their NFTs and cross-post the NFTs they hold on Facebook and Instagram.
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