Meta is bringing an NFT "toolkit" to Instagram

Soon enough, you'll be able to create, display and trade NFTs on Instagram.

Instagram’s parent company Meta announced today that the platform intends to introduce support for creators to make their own digital collectibles and sell them to supporters on and off Instagram. Described as an “end-to-end toolkit”, users will be able to create, showcase and sell NFTs on the the app. Operating on the Polygon blockchain to begin with, a small group of creators in the US will be at the forefront of the initiative, being the first to trial the new features with the goal being to expand to more countries soon.

Currently the platform supports Ethereum, Polygon and Flow but hopes to add support for the Solana blockchain and Phantom wallet as well. The types of NFTs you can showcase on the app will be expanded to include video and select collections will utilise data from Opensea.

The company has said there will be no fees associated with creating and selling NFTs on Instagram until 2024, although the exact timeline and plan for managing the gas fees is unclear. According to Stephane Kasriel, Meta’s head of commerce and financial technology, NFT transactions would still be subject to “app store fees” which could be as high as 30%, a business model implemented by Apple which has already drawn heavy criticism.

Although it’s not clear what commission Meta will be taking from each NFT sale, there’s definitely pressure from the cryptocurrency community to follow the recent trend of opt-in royalties.