Creators can now sell NFTs directly on Instagram

Creators can now sell NFTs directly on Instagram

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04 November 2022

Meta is expanding support for NFTs across its platforms by now allowing creators to sell digital collectibles directly on Instagram.

The company has been experimenting with NFTs on Instagram and Facebook since last year, but until now only allowed them to be featured through its platforms. It has now incorporated an end-to-end system that makes it possible to post and sell NFTs through them directly to followers.

It's the first time we've seen Instagram turn into a buying and selling platform of this kind, and in fact Meta will attempt to compete with other marketplaces by stating that it won't keep any commission from NFT sales until 2024. In addition, NFT creators will be able to set a resale percentage that they will reap in case their work is resold (from 5% to 25%).

The launch is only for select creators in the US and will soon expand to more countries around the world. It should also be noted that Meta is adding support for the Solana cryptocurrency and the Phantom Wallet, while also enabling video NFTs on Instagram user profiles.

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