Meta Will Let You Issue And Trade NFTs On Instagram
Meta said during the Creator Week 2022 event on Wednesday that the platform will allow its users to create “digital collectibles” and sell them “both on and off Instagram.”
Meta says that creators will have a “end-to-end toolkit” for creating, demonstrating and selling NFTs on the platform, for which they have chosen the Polygon network as a partner.
In addition to its current line of supported blockchains including Ethereum, Flow (FLOW), and Polygon, Meta has announced support for Solana.
Support for NFT videos will also be added, and metadata such as names and descriptions for select NFT collections will be sourced from the OpenSea NFT marketplace.
NFT transactions will continue to be subject to an “app store fee” of 30% on NFT sales, which has drawn criticism for being more expensive than the average 2.5% fee charged by NFT marketplaces such as OpenSea.
