Instagram to become NFT Marketplace. Meta Pushes NFT storm

Since Facebook changed its name to Meta in late 2020, the company has focused on Non-fungible tokens and blockchain technology development.

Integrating non-fungible tokens into Meta’s social networks, Facebook and Instagram, was one of its most significant projects during the first half of 2022. In addition, there were speculations about Meta wanting to enable customers to buy and trade NFTs on its platform by the middle of the year.

For starters, Instagram has added new functionality to its platform for a small number of creators. All users will soon have access to these features.

Instagram Meta NFT marketplace

Meta announced Wednesday that it would begin testing the latest feature with a small group of developers in the United States before expanding to more users and countries. Developers can leverage Instagram’s end-to-end toolkit powered by Polygon to create, showcase and sell their NFTs on and off Instagram.

Meta will also expand the types of digital collections showcased on Instagram to include videos, along with existing chains that Instagram already supports, such as Ethereum, Polygon, Flow and Metamask wallets, as well as the Solana blockchain and Phantom wallet. 

NFT

This year, Meta stated that Instagram would begin supporting NFTs, allowing users to display their current NFTs. However, contrary to what you would have expected, Meta’s most recent announcement shows they are stepping up their support for NFTs.

The Sale of NFTs is much down from what they were in January 2022. However, Meta is moving forward with its intentions to further integrate digital assets into its platforms in light of its general stance on the metaverse, digital content, and so-called Web3.0.

Now, where all social media networks struggle is monetization. But for sure, platforms like Instagram and Facebook make their money by selling ads, but for many users, content is the only reason they’re on the platform. So helping content creators monetize their followers is an essential digital nut. Unfortunately, meta knows all too well that keeping content creators engaged is the key to keeping your bank account open and engaging.

Meta NFT

The introduction of NFT sales on Instagram allows people to directly support their favorite content creators. Initially, Instagram’s new NFT feature will be tested among a small group of US creators, but it will go live shortly after.

Creatives selected for the first round include

  • Amber Vittoria
  • Dave Krugman
  • Refik Anadol
  • Isaac’ Drift” Wright
  • Eric Rubens
  • Jason Seife
  • Vinnie Hager
  • Sara Baumann
  • Ilse

Even though Instagram has a global user base, more is needed to guarantee its success in NFT. OpenSea, Rarible, and SuperRare are reputable NFT marketplaces with smaller but dedicated followings, and Meta and its associated platforms need to be more trustworthy for many users.

NFTs on Instagram

In less than a week after declaring its intentions to employ non-fungible tokens (NFTs), Meta began rolling out NFT functionalities to users in 100 different nations.

The capacity for consumers to buy, sell, and trade NFTs with one another through Facebook and Instagram was still missing from the sites’ basic NFT functionalities. However, after today’s revelation, that will finally alter. Selected creators can offer and buy NFTs with their audience on Instagram with the help of this latest round of public tests.

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