Until 2024, the company will not impose fees on token transactions, but the App Store and Google Play marketplaces have their own fees

​Instagram users will be able to create and sell NFT tokens

03.11.2022 - 08:00

136

3 min

What’s new? Meta has announced the ability to create and sell non-fungible tokens (NFTs) on the social network Instagram. The feature will provide an “end-to-end toolkit” for NFT transactions. In addition, Instagram will add support for the Solana blockchain and Phantom crypto wallet. The platform previously added support for Ethereum, Polygon, and Flow networks, as well as wallets such as Rainbow, MetaMask, Trust Wallet, Coinbase Wallet, and Dapper Wallet.

What else is known about NFTs on Instagram. Meta noted that fees for displaying, reposting, and selling NFTs will not be charged until at least 2024. However, the company recalled fees on purchases in mobile apps downloaded through the App Store and Google Play marketplaces. For example, the App Store commission is 30%, and apps are not allowed to post links to third-party resources for purchases outside the Apple ecosystem.

A step-by-step video about the new feature, viewed by CoinDesk, says that token creators will also be able to choose their royalty percentage ranging from 5% to 25%, and link their bank or PayPal account to receive payment.

The update will initially be tested among a small group of digital artists, including Amber Vittoria, Refik Anadol, Jason Seife, and Dave Krugman.

In early August, Instagram added support for NFTs in 100 countries in America, APAC, Africa, and the Middle East. Later, the ability to post NFTs appeared on Facebook. To post a token on a page, one needs to connect a crypto wallet to their account in one of the social networks, after which the publication will be available in both. The post itself will look like an ordinary picture, but it will be marked “Digital collectible,” indicating the owner and creator of the token.

To learn how to create your own NFT and choose a trading platform, see GetBlock Magazine’s article.

Subscribe to Getblock Magazine and stay up to date with the latest news from the world of cryptocurrencies and the digital economy