- Meta has started to roll out features that let creators sell NFTs on Instagram, according to information shared with nft now.
- To kick-start this process, Instagram has made new features available to a select group of creators on its platform. More creators will be onboarded in the coming weeks.
- The initial round of selected creators includes Amber Vittoria, Dave Krugman, Refik Anadol, Isaac ‘Drift’ Wright, Eric Rubens, Jason Seife, Vinnie Hager, Sara Baumann, Olive Allen, and Ilse Valfre.
- Meta spokesperson Christine Pai told nft now that, when digital collectibles are purchased on Instagram, neither the creator nor the collector will need to pay any gas fees. However, she stated that this would be true “at launch,” indicating that this may eventually change.
Meta’s NFT journey
Since Facebook changed its company name to Meta in late
2021, much of the tech giant’s efforts have been centered on expanding its
reach into the growing Web3 landscape. One significant initiative Meta
undertook over the course of 2022 was integrating NFTs into its social
platforms, Facebook and Instagram. As early as January of this year, there was
buzz that Meta wanted to let users create, display, and (of course) sell NFTs
on its market-leading platforms.
But before Meta officially launched its NFT efforts, it had
to address a significant issue related to NFT-related content that violated its
terms of use.
Specifically, Meta started the year by banning the spurious
@NFT Instagram account backed by Mark Cuban. The account inundated its nearly 2
million followers with posts about questionable NFT projects. Ultimately, @NFT
was banned because it posted sponsored content about NFT projects without
disclosing that the posts were paid for, a violation of Instagram’s terms of
use and FCC guidelines.
Several months later, in March of 2022, Mark Zuckerberg
announced that he intended to turn Instagram into an NFT marketplace; however,
he didn’t reveal any specifics at the time. Finally, in a May update to
Instagram, Meta started testing its NFT features. Specifically, it gave select
users the ability to share NFTs they created or collected on their profiles and
in followers’ feeds. “Similar functionality is coming to Facebook soon, along
with augmented reality NFTs on Instagram Stories via Spark AR so you can place
digital art into physical spaces,” he said in the official announcement.
Soon you’ll be able to make and sell #NFTs on @instagram, starting with @0xPolygon. You can also now connect to @solana and Phantom wallet, and see information about @opensea collection: https://t.co/aH8035Tk8n
— Meta (@Meta) November 2, 2022
Comment your #NFT below 👇 pic.twitter.com/dvHau9n9Yu
In June of 2022, Meta unveiled its entire NFT roadmap. And
shortly after, in August of 2022, the company rolled NFT features out to users in
100 countries all over the world.
However, the platforms’ core NFT functionalities had yet to
be added. Namely, the ability for users to create/mint, buy, and sell NFTs with
one another through Facebook and Instagram. Based on today’s revelation, that’s
set to finally change. With this round of public testing, select creators will
be able to sell NFTs with their audiences on Instagram.
An Instagram creator responds
Dave Krugman is one of the creators who was selected to test
Instagram’s NFT marketplace features. In an interview with nft now, Krugman
said that he’s excited about these new tools, as they will let him and his
community share in the value they create.
“In the age of interconnected creative communities, the name
of the game is incentive alignment. If the things that benefit my audience also
benefit me, we are able to create a social symbiosis,” Krugman said. He
continued by explaining that NFTs create a financial tie between creator and
collector that aligns their priorities. “When someone owns a digital asset that
I created, the value of that asset is tied to my own creative success. Thus,
our incentives are aligned at a deep level — we share a common goal, and that
creates a healthier connection between the community and the creator,” he said.
Krugman also noted that these features could help him better
reach specific subsets of his audience. “Digital collectibles allow me to
create niche communities within my larger community, micro-economies that help
to fund and power my creative craft. The more support I get, the further I can
push my ideas. And the further I push them, the more support I get. It’s a
virtuous cycle,” he explained.
Krugman added that it’s only fitting that Instagram would be
the first to integrate NFTs into its user experience to this degree, given the
role it has already played in removing gatekeepers from publishing. “Instagram
was a catalyst in my creative career. It decentralized the publishing of
imagery, much like the printing press did for the written word. It changed
everything for me, and this next step is a clear continuation of that
decentralization of access and engagement with our audiences,” he said.
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