In partializing its commitment to web3 adoption, Meta has incorporated into one of its platforms an NFT platform to facilitate the trading of NFTs. Announcing the plan to commence NFT trading on Instagram, it was stated that users will be able to create and sell NFTs on Instagram starting with Polygon-based NFTs. Users can also connect to Solana and phantom wallets while accessing Opensea.
Explaining the workability of the marketplace, the publication explained that the marketplace will enable creators to make their NFTs on Instagram and sell them to interested parties both on Instagram and other NFT marketplaces. This means the NFT marketplace that will be created on Instagram will not function in isolation but will work alongside other marketplaces.
Instagram’s NFT marketplace will expand the types of digital collectibles (NFTs) that can be showcased on the marketplace and will at the same time support both Solana blockchain and Phantom wallet, in addition to the blockchains and wallets that are already supported by Meta on Instagram.
As a distinguishing feature, Meta has promised that NFTs sold on their platforms will not incur any additional fees for transacting parties. This does not translate to the absence of fees as purchases made within the Instagram app on Android and iOS operating systems are subject to applicable fees from their various app stores. However, in an interview with NFT now, Pai, one of the software engineers at Meta has reassured the public that Meta has “made a commitment to not charge any additional fees for selling digital collectibles until at least 2024.”
Meta Integrates Arweave for Instagram
Following up on the NFT marketplace, Arweave announced that Meta is now utilizing their blockchain storage network to store its creator’s digital collectibles on Instagram. This integration will allow Instagram users to share their NFTs stored on Arweave. The CEO of Arweave, Sam Williams, emphasized that “Instagram users are now able to issue digital collectibles for their posts, stored on Arweave.”
This integration as opined by Stephane Kasriel, the head of commerce at Meta, will expand access to Instagram subscriptions, introduce gifting on Instagram Reels and will add new ways for people to support creators using Facebook Stars.
Meta’s Web3 Journey
Ever since Facebook has been renamed to Meta, it has made different attempts to adopt the blockchain technology effort and incorporate it into its platforms. One significant blockchain adoption step Meta took was the integration of NFTs into its social platforms, Facebook and Instagram.
As far back as May 2022, Meta kickstarted the testing of NFTs on its platform as it gave some select users the ability to share NFTs they created or collected on their profiles and in followers’ feeds. Also in May, Mark Zuckerberg explained in a video that Meta has started developing NFT-focused projects.
In August 2022, Meta increased its Instagram-NFT integration band to 100 countries across Africa, Asia-Pacific, the Middle East, and the Americas.
NFTs are making their way into various traditional industries and are revolutionizing these industries. One of the industries that have been revolutionized is the entertainment industry which social media falls under. The incorporation of an NFT marketplace on one of the most utilized social media platforms will of no doubt contribute to the revolutionization of the entertainment industry.
