Meta launches its own NFT marketplace on Instagram
Social media giant Instagram will soon get its own NFT marketplace.
Social media giant Instagram will soon have its own NFT marketplace. This was announced by parent company Meta on November 2 in a press release.
Additionally, a toolkit is in the works that will let users create an NFT collection on the Polygon blockchain with the option to sell them. "We believe creators should have options for when, where, and how they earn money," wrote Stephane Kasriel, Head of Commerce and Fintech at Meta, in a blog post.
In 2024, users will be able to create NFT collections on Instagram at no cost, Kasriel said. They also plan to cover buyer fees for now. The catch: in-app purchases will incur app store costs—like Apple’s "app store tax" of 30 percent.
The feature will roll out first in the US. There are plans to expand to other countries. In the meantime, the social media platform isn’t new to NFTs. Instagram launched a pilot in the US in May this year and eventually made the NFT feature available to users in 100 other countries in August.
