Meta announced that its Instagram is developing NFT minting and selling capabilities through its app, allowing users to design mint NFTs and sell them through Instagram. Instagram will also obtain NFT metadata from OpenSea, allowing users to view NFT information on Instagram. Instagram will first support NFTs from the Polygon network. Meta will first open new NFT functions to designated artists and content creators, and will provide these functions to a wider range of users in the future.
Stephane Kasriel, Meta’s director of business and fintech, said Meta will not charge fees to create or sell NFTs until 2024 and plans to pay gas fees for buyers at launch, but any in-app transactions will still be subject to app store fees. . Additionally, Meta will first roll out new NFT features to select artists and content creators before making these features available to a wider audience.