This is how Meta opens the sale of NFTs on Instagram

Meta aims for NFTs: Instagram will soon allow creators to create and sell their own non-fungible tokens directly on and off the social media platform

Instagram has officially become a marketplace for NFTs (non-fungible tokens, digital assets that are art or photos that cannot be replicated).

Meta, which is owned by Facebook, Instagram and WhatsApp, has announced that it is testing minting and selling NFTs on Instagram. Testing began on November 3 with a “small group of US creators”.

The company said that creators on Instagram will be able to create and sell their own NFTs directly to followers, both on and off the platform. Instagram already allows users to display NFTs on their pages. But now, Meta is going one step further by expanding Instagram’s NFT viewing feature, which is now available to users in more than 100 countries. This announcement comes amid news of several new ways for creators to make money on their platforms.

As he explains the edgeNFT is a way to claim ownership of a digital item such as a JPG or GIF via a unique address on the blockchain. Despite claims that these assets embody decentralized forms of ownership, their legitimacy depends on the recognition of existing online platforms. The popularity of NFTs increased last year to a $40 billion global market. However, the launch comes as the value of digital assets drops in 2022. Since the market peak in January, NFT trading volumes have fallen by more than 90%.

for AxiosBig Tech wants to get into the cryptocurrency sector and the social media giant’s entry into NFTs indicates increased competition among the markets despite lower trading volumes and lower prices.

“It represents the largest push ever by a social media platform into NFTs,” he comments Foot.

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“At Meta, we look forward to what creators are already doing with our technologies in order to improve the experience, help them create more monetization opportunities, and bring NFTs to a broader audience,” the Mark Zuckerberg-led company said in a blog post.

NFT mining will start at PULYGON

Minting or creating NFTs will begin on Instagram at Polygon. If it’s showing NFTs purchased elsewhere, the company says you can now view those on the Solana blockchain, in addition to the Ethereum, Polygon, and Flow blockchains that the feature already supports.

Monetization strategy

The move marks Meta’s push to new sources of income. The global economic downturn is affecting advertising revenues, as brands limit marketing spending on their platforms. Meta shares fell 25% last week after it revealed net income fell more than 50% in the third quarter.

Also, as Adam Mosseri, head of Instagram, said last year, Meta no longer sees Instagram as a photo-sharing app, but as an entertainment app. And artists need to make money, whether through fairly traditional methods like sharing advertising revenue, or by selling NFTs and having fans send them money directly in gifts, coins, or stars, he notes. the edge.

Same path as Twitter (before Musk)

Finally, Instagram is not the only social store entering the NFT sector. Twitter is also expanding its NFT capabilities, announcing its connection to marketplaces like Magic Eden just a few days ago.
Earlier this year, the company allowed “Twitter Blue” users — subscribers who pay a monthly fee for special features — the ability to use NFTs as profile pictures. Although new owner Elon Musk has previously criticized profile pictures as “disturbing,” he recalls Axios.

Even Apple last week, with its App Store policy update, first codified specific rules for NFTs.