It’s been only a month since Meta fully rolled out its digital collectibles feature on Instagram and announced it would transform the app into an NFT marketplace soon. This has brought many digital artists to share their artworks and sell them online through Instagram by minting on Polygon, Solana, Flow, and Ethereum.
So, how are artists using this new feature, and is it as popular as Meta claims it be? Will it compete with OpenSea? This article will dive into different artworks posted so far and artists’ experiences with Instagram.
Based on the original statement by Meta, the NFT marketplace would enable trading of the built-in assets on Instagram but the current feature only allows artists to upload their NFTs on feed, story, and DMs. In other words, it’s mostly catered to creators who want to sell their NFT artwork or holders who want to show their assets.
How are artists using the NFT feature?
Creators and artists have shown a positive attitude toward minting their NFTs on Instagram. The app doesn’t charge any trading fee, as promised by Meta until 2024, compared to the usual NFT marketplace and the collectible is listed on the blockchain.
The artist can set a price not higher than $1K because of the in-app limit and once a buyer purchases the NFTs, they are obliged to pay 30% on all in-app purchases of digital goods on Apple devices.
Apple had previously announced it would cut 30% if any app makes a purchase of the NFT in its recent policy. So, in a way, it can cost more than minting on the NFT marketplace, which is a big limitation for Instagram users.
The social app has a very advanced algorithm that connects users with sellers. It is home to many small businesses and has empowered many underrepresented communities by giving them a global platform. Since the NFT community is also expanding slowly, Instagram can help in spreading the adoption on a global scale.
Here are some of the early artworks posted on the app:
Sense of Healing series by Refik Anadol
The renowned visual artist is bringing the first NFT on Instagram for US collectors only. Anadol will be releasing limited edition artworks from the Sense of Healing series to support Alzheimer’s Foundation.
Spesh’s Quiet Night by Coolman Coffeedan
Sold out within a few seconds, this Polygon-based collectible is from a well-known artist in the NFT space whose art is quite popular among collectors. Coolman also minted their collectible for the first time NFT on Instagram.
I’m On Life by Amber Vittoria
Amber collaborated with Instagram to launch one of the first-ever NFTs on the platform, currently sold out. According to the artist, she wanted to showcase her talent by starting with a simple yet exquisite artwork but the response from the collectors has motivated her to upload more NFTs in the future.
“Honored to partner with @instagram on being one of the first artists to sell a digital collectible on their platform,” Amber said in a tweet.
Recently, Meta added support for Solana blockchain NFTs, enabling users to view and upload the collections from the app, connected to Magic Eden. Some of the famous NFTs like y00ts, Catalina Whales, Degen Ape, OkayBears, DeGods, Holaplex, and many more.
Solana also held an event where holders who upload an NFT could win a chance to be ME’s Chief Degen Officer for a month, hang out with ChartFuMonkey, the intern to shape the future for SOL NFTs, and more.
Meta has success in integrating Web3 into Instagram, one of the largest social media platforms in the world. CEO Mark Zuckerberg’s plan to create a metaverse via Horizon Worlds might’ve failed, but this feature is actively being used and appreciated by the NFT community.
The next step would be to launch an NFT marketplace and NFTs as ads. How will Meta unroll these two functions on the app, this might be revealed in 2023.