It will soon be possible to issue, sell NFTs on Instagram

November 4, 2022  10:10

Instagram will soon feature the ability to create your own collections of non-fungible tokens (NFT). True, this feature will not be available to everyone—at least initially.

Meta, the company that owns Instagram, has announced that it is testing mechanisms for issuing and selling NFTs on this platform. The new feature will first be available to "a small group of creators in the US." Exactly how people will be selected to test the new feature is not yet known.

Tokens will be issued on the Polygon blockchain, after which they can be sold either on Instagram or outside of this platform. As for the ability to export NFT objects purchased on other platforms to Instagram, according to the developers, the Solana network has been added to the Ethereum, Polygon and Flow blockchains. It will also be possible to upload metadata from the OpenSea marketplace.

Back last year, Instagram CEO Adam Mosseri said that Instagram is no longer just a photo-sharing app, but an entertainment platform where content creators should be able to earn money from advertising, selling NFTs, or audience gifts.

Therefore, the platform also expands the access to professional tools, including the "Stars" virtual currency tips and "gifts" system. Gifts can be bought with the same virtual currency "Stars" and sent to the creators of Reels short videos.

Google is also now actively introducing blockchain technologies into its services. As of 2023, you can pay for Google Cloud services with cryptocurrency. At first, this new payment method will not be available to everyone, but in the future, perhaps, the number of users who will be able to pay for services with cryptocurrency will increase.


 
 
 
 
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