Connect with us


Meta Now Testing the Ability to Mint and Sell NFTs on Instagram



Meta NFTs

After a disastrous earnings report, Meta’s plans involve doing more of the same. In this case, by leaning further into NFTs and letting creators mint their own on Instagram.

Instagram users can make their own “digital collectibles,” which is just Meta jargon for NFTs, to sell both on and off the social media platform, according to a blog post from the parent company. See, back in May, Instagram announced its “Digital Collectibles” system to show off NFTs on profiles. So make no mistake, this is just minting NFTs but using different words.

“They’ll have an end-to-end toolkit — from creation (starting on the Polygon blockchain) and showcasing, to selling,” the blog post continued. “People can easily support their favorite creators by buying their digital collectibles directly within Instagram. We’re testing these new features with a small group of creators in the US first, and hope to expand to more countries soon.”

Meta Now Testing the Ability to Mint and Sell NFTs on Instagram

Meta said it is also adding support for the Solana blockchain and Phantom wallet. Meta has been adding support for more blockchains and wallet since it rolled out the feature before the massive NFT crash of the summer. OpenSea will also add information like collection names and descriptions to Instagram.

Meta Now Testing the Ability to Mint and Sell NFTs on Instagram

What isn’t clear, however, is whether there is a cost to mint new NFTs. Rolling out a free, or very competitively affordable, way to make NFTs on a mainstream social media app could lead to an influx of new “digital collectibles” created for the sake of merely creating them. Considering how environmentally damaging NFTs are, that might lead to more serious implications beyond jumping on the digital Beanie Babies equivalent of the 2020s.

It’s also unclear how much of a cut Meta will take if the NFTs are sold on its platform, or out the cost to create the token should there be a fee. And if people are minting NFTs in the hopes of profiting off a sale that may never come, well that wouldn’t be great for users’ real-world wallets, either.

Oh, and Instagram has “borrowed” another feature from other social media apps again. This time through the addition of subscriptions, “Stars,” and “Gifts.” Subscriptions have been used everywhere from Substack, to Patreon, to OnlyFans, and The Verge notes the similarities between “Stars and Gifts” and TikTok’s “Coins and Gifts” and YouTube’s “Special Thanks.” Twitter also has subscription-based “Super Follows” — for now, anyway.

Image credits: Meta

Continue Reading

Recent News

Exhibition Game Exhibition Game
How to4 days ago

How to Choose the Ideal Exhibition Game for Your Event

Hosting an event involves a multitude of decisions, from the venue to the catering, but one aspect that can make...

Boiler Boiler
Guide5 days ago

When Is the Best Time to Replace a Boiler?

A boiler is a workhorse that works around the clock. It provides heat and warm water whenever needed. While horses...

Grammar Grammar
Tech6 days ago

Grammar Checkers Unleashed: Enhancing Writing Precision and Efficiency

In the present computerized age, the ascent of simulated intelligence innovation has presented new difficulties in regards to the genuineness...

Crypto Staking Crypto Staking
Crypto1 week ago

Is it Possible To Make Money On Crypto Staking in 2024?

In the modern world, cryptocurrencies and blockchain technologies are becoming increasingly popular, attracting the attention of investors and users from...

Lake Como Lake Como
Wedding1 week ago

How to Choose the Right Location for a Marriage Proposal in Italy and Lake Como

Proposing marriage is a unique and memorable moment in a couple’s life. Choosing the right location is crucial to creating...

Personal Injury Lawyer Personal Injury Lawyer
Law2 weeks ago

Finding the Best Personal Injury Lawyer in Lumberton, NC

Personal injury law is designed to protect individuals who have been harmed due to the negligence or wrongful actions of...

WhatsApp Business WhatsApp Business
Business2 weeks ago

Running WhatsApp Business with Pro+VPS for Android Emulator

WhatsApp Business is one of the most powerful tool for Business to manage customers communication. Running it can enhance the...

Civil Partnership Visa Civil Partnership Visa
Finance2 weeks ago

Civil Partnership Visa vs Spouse Visa: Which One is Right for You

Choosing the right visa to join your partner in the UK can be confusing. Two common options are the Civil...

Crypto Crypto
Crypto2 weeks ago

Staked Crypto – A Step-by-Step Guide for Beginners

Ethereum staking has become an increasingly popular way for cryptocurrency holders to earn passive income through staking rewards. In this...

Ethereum Staking Ethereum Staking
Crypto2 weeks ago

Maximizing Ethereum Staking Rewards: Tips and Tricks

Are you looking to maximize the potential of your Ethereum holdings? Stake Ethereum using OkayCoin and take advantage of the...