Meta is expanding its support for NFTs, blockchain-based digital businesses, across its platforms. The first to welcome a trend that seems to have died down in recent months is Instagram. On the social network, it will be possible not only to post owned NFTs but also to sell those created directly on the app, thanks to a series of tools that Meta has begun making available to users in the US. On the other hand, the file width is wider. The social network itself explains this through its blog: “Updates related to the features of showing content are available in more than 100 countries.”
The announcement was made during the Creator Week conference in Los Angeles. Meta won’t take commissions from NFT sales by creators until 2024. Instead, there will be a roughly 30% discount if the same NFT, created by Instagram, is bought and sold on third-party platforms, like existing digital stores operate. If so, creators will also be able to set an additional commission for reselling their work, which ranges from 5% to 25%. The testing phase currently only includes a small group of US-based creators, with the holdings based on the Polygon blockchain though there are plans to expand support for the Solana Network and Phantom Wallet.
Nft’s largest store, OpenSea, is not fully viewable on Instagram except for selected businesses and basic information for individual files.
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