Meta announced a test to allow some Instagram creators to mint and sell NFTs directly on the platform. The announcement comes about a month after the social media giant opened NFT sharing features to the public. In a Medium post, Meta executive Stephane Kasriel shared details on plans to integrate more web3 technology into Instagram. Here’s everything you need to know about the future of Instagram NFTs.
Creators will be able to mint and sell NFTs directly on Instagram.
Instagram users can already display and share their non-fungible tokens on the platform. However, this upcoming test will offer a full suite of marketplace features for select creators on the platform. In addition, the test allows Instagram users to support their favorite creators natively on the platform by purchasing their digital collectibles.
Meta is also integrating new types of digital collectibles for the platform, including video format. And eventually, Instagram NFTs will support the Solana blockchain and Phantom wallet. The test also includes added Instagram subscription features “so more creators can earn predictable income,” according to the press release.
In Kasriel’s Medium post, he detailed plans for further integration of blockchain technology on Meta’s social media platforms. “We believe web3 tech, like blockchain, will positively enhance the economic model for creators,” reads the post. These new features facilitate creator growth “by giving them the ability to create new types of digital assets to monetize.”
The blog post offers a use case in which a creator sells Instagram NFTs as event tickets. The tickets could also unlock exclusive experiences, such as a virtual meet and greet with the creator. As Kasriel puts it, “[w]here there was once a single way to monetize that ticket, there could soon be multiple ways.”
Additionally, Kasriel mentions that Meta will not charge any fees for Instagram NFTs until 2024. And the company will cover gas fees for users who buy digital collectibles through the platform.