Instagram's Meta Plans to Launch NFTs and Trading Tools

Instagram is going to add built-in tools for creating and trading NFTs, however, in-app purchases will be subject to app store fees.

Meta reported last week that Instagram is developing a feature to create and sell NFTs through its app. With this functionality, users will be able to create their own NFTs and sell them using Instagram.

NFT Instagram will be created using the Polygon blockchain. The NFT metadata will be retrieved from OpenSea, allowing the NFT names and descriptions to be read through the application.

Early access to the functionality will be given to a small group of content creators and artists, later, the rest of the audience will have access.

This strategy is entirely in line with Meta's approach to Web3. In the spring, the company provided the ability to connect to the wallet, which made it possible to select NFT creators in their profiles. Currently, Meta social networks support such blockchains as Ethereum, Polygon, and Flow, support for Solana and Phantom is expected soon.

Meta has stated that it believes in Web3 and wants content creators to be able to create new types of digital assets and better monetize their content with NFTs.

Stefan Kasriel, head of commerce, fintech, and Web3 technologies, said that Meta will not charge a commission for the sale and creation of NFTs until 2024, but noted that transactions in the application will still be taxed.

There is also no information on whether the new functionality will be as widely rolled out in the browser version of Instagram as in the application.