Meta The possibility of selling NFT on Instagram provided This feature is currently only available for a small number of user accounts.

Meta is expanding its support for NFTs in a big way. Meta announced during its Artist Week event that the company is now allowing some creators to create and sell digital collections directly on Instagram.

This platform has been around since last year Testing NFT on Instagram and Facebook have been. But until now, Instagram users could only showcase their digital collections. Now, Instagram will have an “end-to-end tool” (E2E) for creators and designers to create NFT collections and sell them to their fans and followers.

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The possibility of selling NFT on Instagram

While Meta has been rolling out new trading features for people for a while now, this update is the first time The possibility of selling NFT on Instagram provides Meta says it won’t cut NFT sales until 2024, though 30 percent of sales will be deducted to account for fees for App Store accounts. Creators can also set a commission rate for reselling their work, ranging from 5% to 25%.

The new tools are currently only available to a “small group” of creators in the US, but Meta says it plans to expand the functionality to more people and countries “soon.”

At the same time, this company is updating Other features of NFT will be widely available in the future. For collectors, Meta has added blockchain support and Phantom Solana Wallet, as well as Video NFTs on Instagram accounts supports. The app will also add OpenSea metadata for “selected collections”.

Spread of NFTs on Instagram It’s part of Meta’s broader effort to increase monetization features for creators and creators of artwork in its apps. The company is also expanding Instagram subscriptions and creating a “Pro mode” for Facebook. Meta is also set to bring Facebook’s Stars feature to more apps, creating photo and text posts, and in-app giveaways on Instagram Reels.

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Source: engadget