Instagram To Allow Purchase And Sale Of NFTs
- Social media giant Instagram has confirmed that there are plans to introduce the direct sale and purchase of non-fungible tokens (NFTs) from the application itself in the coming months.
- Users will have the authority to make their own NFTs and sell them both on and off the social media platform providing them with an “end-to-end toolkit” for all things NFT on the application.
- The new features have been currently introduced to only a handful of people in the US and soon, it will be rolled out to many more in the near future.
One of the largest social media platforms, Instagram, which has billions of active users, has confirmed that there are plans to introduce the direct sale and purchase of non-fungible tokens (NFTs) from the application itself in the coming months. Through this new announcement, Meta, the parent company of the social media platform, will be doubling down on its bet on metaverse.
Interestingly, Instagram also debuted its Digital Collectibles feature in 100 countries through which it allowed users on the platform to connect to their digital wallets like MetaMask and others. Therefore, with the help of the NFTs containted in the wallet, the users could showcase the blockchain-based tokens they owned on the application itself.
As a result, whatever crypto coin a user owned or even created could be brought in front of the world. Moreover, it is also crucial to note that the NFTs that you would want to showcase would be shown with a shimmering effect which would reflect the token’s authenticity. These tokens would then be showcased as a post on your feed on Instagram application.
With the latest update described above, Instagram users will have the authority to make their own digital collectibles and sell them both on and off Instagram which provides them with an “end-to-end toolkit” for creating, displaying and selling NFTs on the platform.
“Creators will soon be able to make their own digital collectibles on Instagram and sell them to fans, both on and off Instagram. They’ll have an end-to-end toolkit — from creation (starting on the Polygon blockchain) and showcasing, to selling.” said the company via a blog post.
Moreover, the people who use the social media application and are connected to the owner or creator of an account can “easily support their favorite creators by buying their digital collectibles directly within Instagram.” The new features have been currently introduced to only a handful of people in the US and soon, it will be rolled out to many more in the near future. While US is the first country to get this kind of service from Meta, many more nations are also on the company’s list.
It is also crucial to note that for a few NFT collections whose information like name and description have been obtained from the largest NFT marketplace in the world, OpenSea, their details will be displayed on the application.
“We’re also expanding the types of digital collectibles that you can showcase on Instagram to include video and adding support for the Solana blockchain and Phantom wallet, in addition to the blockchains and wallets that we already support,” the firm further added.
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
