Meta will turn Instagram into an NFT platform, is this the end of OpenSEA and other platforms?

Technology giant Meta, Instagram’s parent company, has announced that the platform will soon introduce several tools related to non-fungible tokens (NFTs) that will allow creators to mint, showcase, and sell digital collections powered by NFTs.

Meta made the announcement at its Creator Week 2022 event on November 2. She added that Instagram would allow its creators to create “digital collectibles” and to sell them “both on and off Instagram.

Meta also revealed that creators will have access to a “end-to-end toolkit“to create, show, and then sell NFTs within the platform and that the Polygon blockchain will be an initial partner for this functionality.

Polygon co-founder Sandeep Nailwal said:

“The value it adds to the creator economy is unmatched, and defending verifiable digital property on a platform of such reach will help us achieve our goal of onboarding the next billion users on Web3.”

Meta is also preparing to test these new features with a small group of creators in the U.S. before rolling them out to more users and countries.

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Creators including photographer DrifterShoots, visual artist Ilse Valfré, artist Amber Vittoria and more have been chosen to receive early access to the new Instagram NFT features.

A small group of designers will soon be able to create digital collectibles (NFTs) and sell them directly on Instagram“, said Stephane Kasriel, head of commerce and fintech at Meta, in a statement.

Vittoria welcomed the latest development, saying that Meta and Instagram are constantly finding new and innovative ways to help creators support themselves and their art practice.

Facebook and Instagram users can now upload Ethereum, Polygon and Flow-based NFTs by connecting their wallets, such as Rainbow, MetaMask, Trust Wallet, Coinbase Wallet and Dapper Wallet. Blockchain Solana and Phantom Wallet have now been included in this group by the company, as well as expanding the types of digital collectibles users can showcase on Instagram, including videos.

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Stephane Kasriel, again, revealed in a statement that Meta will not charge a fee to create or sell digital collectibles until 2024, but any in-app transactions will still be subject to applicable app store fees.

In August, the tech giant introduced NFT support for Instagram in 100 countries with a small user base. All Instagram users in those 100 countries can now use the feature, according to a recent statement.

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