Meta just announced there major support for NFTs during its Creator Week event. The company is allowing some creators to make and sell their digital collectibles on Instagram. We knew these feature were in the making since last year as the company has been experimenting with NFTs on Facebook and Instagram. Before now, Instagram users could only show off their digital collectibles like most other social media platforms.
Select users will will now have an “end-to-end toolkit” to make NFT collections and sell them to their fans and followers. Since it’s a new feature, Meta says it won’t take a cut of NFT sales until 2024. Just like other popular NFT sites, creators will be allowed to set their commission rate from 5% to 25% for resale of their work.
Just like every other feature introduced to Instagram, the new tools are only available to a “small group” of creators in the United States, with plans to expand to more people and countries. Other NFT features already on the platform were not left out with an update. Meta is adding OpenSea metadata for “select collections”, support for the Solana blockchain and Phantom wallet, and enabling video NFTs in Instagram profiles. The vast support of NFTs on Meta’s platforms is a broader push to increase the creators ability to make more money in its apps.