Meta for selling NFT directly on Instagram

Meta is actively supporting NFT. At Creator Week, Meta announced that it allows content creators to create and sell NFTs right on Instagram.

NFT has been tested on Instagram and Facebook since last year, but so far, Instagram users can only “show off” their works. Meta will provide an “end-to-end” tool for content creators to not only create NFTs, but also sell them to the public.

This is the first time Instagram has attempted to compete directly with NFT marketplaces. Meta says there won’t be a commission until 2024, but app marketplaces will still charge a 30% fee from sales. Creators are also allowed to offer a 5% to 25% discount if someone resells their work.

The new tool is only available to a group of authors in the US. Meta plans to expand to more people in more countries. However, the social network is also updating other NFT features more widely. For NFT collectors, for instance, Meta supports the Solana blockchain and Phantom wallet, enabling NFT videos on Instagram profiles.

Expanding NFT support on Instagram is part of Meta’s larger effort to enhance author monetization features in the app. The company introduces Professional mode for Facebook accounts or Subscriptions for Instagram. Facebook stars (Stars) also appear in more places, including photo and text posts, adding in-app gifting for Reels.

Du Lam (According to Engadget)