Instagram Jumps Into NFTs With Minting and Selling Feature

Meta's Instagram will soon allow artists to create and sell their own NFTs both right on the social media platform and off it. Axios reports: IG's feature will roll out to a small group of select creators in the U.S. to start, according to Meta. The first creators tapped to test the feature include photographer Isaac aoeDrifta Wright, known as DrifterShoots, and artist Amber Vittoria. Meta won't charge fees for posting or sharing an NFT on IG, though, app store fees still apply. Separately, there will be a "professional mode" for Facebook profiles for creators to build a social media presence separate from their personal one. Artist royalties appear to be a part of the plan. Minting or the creating of NFTs on IG will start on Polygon, a boon for the layer-2 blockchain (a separate blockchain built on top of Ethereum) given the potential onboarding of IG's billion active users. The price of Polygon's token MATIC jumped 17% from Wednesday evening to Thursday morning, boosted by IG news but also, because JPMorgan conducted its first live DeFi trade using that blockchain. The platform is adding support for Solana blockchain and Phantom wallet with the latest feature update, adding them to the list of already-supported wallets such as MetaMask, Coinbase Wallet, Dapper Wallet, Rainbow and Trust Wallet. Ethereum and Flow blockchains are already supported. Info for selected collections with OpenSea metadata, like collection name and description, will show up on IG.

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