Meta is expanding its support for NFTs in a major way. The company is now allowing some creators to make and sell digital collectibles directly on Instagram, Meta announced during its Creator Week event.
The platform has been experimenting with NFTs on Instagram and Facebook since last year. But up until now, Instagram users have only been able to show off their digital collectibles. Now, Instagram will have an “end-to-end toolkit” so creators can make NFT collections and sell them to their fans and followers.
While Instagram has been ramping up commerce features for creatures for some time, this update is the first time Instagram has tried to compete directly with existing NFT marketplaces. Meta says it won't take a cut of NFT sales until 2024, though 30 percent will be deducted from sales to account for app store fees. Creators can also set a commission rate for resales of their work, ranging from 5% to 25%.
The new tools are only available to a “small group” of creators in the United States for now, but Meta says it plans to expand to more people and countries “soon.” But the company is updating other NFT features that are more widely available. For collectors, Meta is adding support for the Solana blockchain and Phantom wallet, and enabling video NFTs in Instagram profiles. The app is also adding OpenSea metadata for “select collections.”
The expansion of NFTs on Instagram is part of a broader push by Meta to increase money-making features for the creators in its apps. The company is also expanding Instagram’s subscriptions, and “professional mode” for Facebook. Meta is also bringing Facebook Stars to more places, including photo and text posts, and adding in-app gifting to Reels on Instagram.
Update 7PM ET: Updated with details on Meta's commission plans for NFT sales.