Instagram is expanding beyond being a social networking platform and becoming a social marketplace for NFTs, as it will soon allow creators to mint, display and sell digital collectibles authenticated by NFTs.
Meta announced Wednesday that it will soon test the new features with a small group of creators in the U.S., before expanding to more users and countries. Creators can use Instagram’s end-to-end toolset powered by Polygon to make, display and sell NFTs on and off Instagram.
Soon you’ll be able to make and sell #NFTs on @instagram, starting with @0xPolygon. You can also now connect to @solana and Phantom wallet, and see information about @opensea collection: https://t.co/aH8035Tk8n
— Meta (@Meta) November 2, 2022
Instagram will also allow video-based digital collectibles to be displayed on its platform and will add support for the Solana blockchain and the Phantom wallet.
Previously, the platform supported the Ethereum, Polygon and Flow blockchains, as well as connections to third-party wallets such as Rainbow, MetaMask, Trust Wallet, Coinbase Wallet and Dapper Wallet.
Instagram and Web3
In May, this social network began testing support for NFTs and in September rolled out the new feature in more than 100 countries, allowing Facebook and Instagram users in the U.S. to use their wallets to share digital collectibles and tag the creator and collector without paying any fees.
And then, a new feature was activated that would allow Facebook and Instagram users to share NFT on both platforms, which users would be able to post digital collectible assets by connecting their Metamask, Coinbase and/or Dapper wallet to either platform.
This news comes after Apple updated its App Store guidelines indicating that apps can mint, list and transfer NFTs, and can allow users to view their own NFTs and the collections of 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.
Reddit NFTs success story
The success of a socially driven NFT project or marketplace was also demonstrated by Reddit, which saw nearly three million users purchase its “collectible avatars” built on the Polygon network and had just surpassed $10 million in sales in three months on October 31.
The previous week, Reddit’s NFT marketplace witnessed a significant spike in transaction volume, increasing 168% to $5.9 million, according to CryptoSlam data.
The integration of NFT marketplace features with Instagram could bring Web3 to not just millions, but a billion monthly active Instagram users.
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