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Meta to unveil minting and trading of NFTs on Instagram

November 09, 2022

Meta to unveil minting and trading of NFTs on Instagram
The tech giant, Meta, has revealed the launching of several new creator updates on Instagram as well as Facebook platforms. It will allow its creators not only to create digital collectibles but also to flaunt and sell them both on and off the platform to their fans. The company will give its users an end-to-end toolkit for creating, displaying, and selling NFTs.

The company is testing the new feature with a small group of US-based creators and intends to expand the same to more countries in the future.

For this feature, Meta has teamed up with Polygon as an initial partner for this functionality.

In addition to its existing lineup of supported blockchains like Ethereum, Polygon, and Flow, the social media company is also adding support for the Solana blockchain and Phantom wallet. The latter will join other wallets like MetaMask, Trust Wallet, Coinbase Wallet, Dapper, Rainbow, etc.

Further, till 2024, Meta will neither levy charges for creating or selling NFTs, nor creators nor collectors will need to pay gas fees for digital collectibles bought on Instagram at launch, states Stephane Kasriel, its commerce and financial technology head. However, no clarification was given on how long the launch would be. Also, the digital collectible purchases made within the Instagram app on the iOS operating systems and Android will be subject to applicable app store fees.

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