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You can now Buy & Sell NFTs on the Gram! Meta turns Instagram into an official NFT Marketplace

Top Crypto News Today: Instagram Turns Into An NFT Marketplace

Key Takeaways 

  • Instagram rolled out features to let creators sell their NFTs on the platform 
  • At the time of launch, the creators or buyers won’t have to pay gas fee, but this may change in the course of time. 
  • Meta’s first initiative to make its platforms web3 inclusive was to bring NFTs to Instagram. 

Meta’s social media arm Instagram has been testing NFTs with selected creators in certain parts of the world. On August 4, 2022 the firm published a blog post announcing that creators will be able to link their wallets and trade NFTs on Facebook and Instagram. This announcement came in after the firm affirmed that 2.9 billion users will be able to trade NFTs through this feature inclusion. 

In June 2022 the firm released its roadmap of NFT integration feature launch. In August, the platform enabled the NFT buy and sell feature across 100 selected countries. Today, Instagram will enable the sale of NFTs for selected creators as a litmus test. 

Dave Krugman is one of the creators selected to test the NFT feature on Instagram. In an interview with NFT Now, Dave said that he is excited about using the NFT creator tools on the platform as it will help him and his community to connect with larger audiences and bring more value to the ecosystem.

“In the age of interconnected creative communities, the name of the game is incentive alignment. If the things that benefit my audience also benefit me, we are able to create a social symbiosis,” he added. 

“When someone owns a digital asset that I created, the value of that asset is tied to my own creative success. Thus, our incentives are aligned at a deep level — we share a common goal, and that creates a healthier connection between the community and the creator,” Dave said.

The cherry on the cake

To make sure creators and collectors both accrue value through this new addition to digital art medium the platform itself won’t charge a fee for the trade but there will be an app fee. According to Pai, Meta does not plan to charge additional fees on NFT trades on Facebook and Instagram at least till 2024. 

This may be a cause for concern for creators because the firm included a massive sales cut for people making profits from its flagship metaverse product Horizon Worlds.

Bottomline 

Report says Meta’s quarterly losses have caused a stir in the web3 landscape. Zuckerberg is striving to bring the best solutions for the creator community and has not flinched through this period. His bullishness on the web3 space is commendable. With solutions like Spark AR studio tied to creator learnings and other Meta-centric on-ground and online events and cohorts, we could potentially witness a revolution in the creator economy.

Meta’s venture into NFTs and moulding existing creators to become web3 savvy will take some time, but when these initiatives go mainstream the creator economy and Meta could witness massive gains. 

Source: NFT Now

Additional Read: Meta To Include NFTs to Facebook and Instagram For Users

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