Meta announced at its Creator Week that it will now be allowing select creators to make and sell digital collectibles (NFTs) directly on Instagram.
Up until now, Meta has experimented with letting users display their digital collectibles on Instagram. Now, with an end-to-end toolkit, creators on the platform would be able to create, showcase and sell their NFTs on and off Instagram. This essentially allows Instagram to compete with some of the biggest NFT marketplaces, including the likes of OpenSea, Magic Eden, X2Y2 and more.
Meta is testing the feature with a small group of creators in the U.S. first, with the intention to expand the feature to other countries, including Canada “soon.”
Notably, in addition to Rainbow, MetaMask, Trust Wallet, Coinbase Wallet and Dapper Wallet, users would now be able to connect their Phantom wallets (Solana blockchain) to Instagram, alongside support for OpenSea metadata for select collections, and support for video NFTs.
This comes during a turbulent time for Meta where its stock is trading 76 percent below its all time-high in late August, early September of 2021. The company is also burning through its reserves at record pace, and plans to spend $10 billion USD (roughly $13.7 billion CAD) on its metaverse division this year, and expects to spend more over the next few years.
Letting Instagram double as an NFT marketplace is sure to bring in some money for Meta, however, it is currently unclear how much of a cut it plans to take from NFT sales on Instagram.
Image credit: Meta