There’s no doubt Meta and Mark Zuckerberg are pushing toward the NFT space by rolling out new features, facilitating the users and collectors with different actions on the app.
Considering the latest updates and functions, Instagram is sure to become the next big NFT marketplace. But instead of launching these features in one go, the app is going one step at a time while testing the waters to see how the users react to the new upgrades.
Instagram has already been a popular social media platform for Web3 projects. However, Zuckerberg doesn’t want this app to just be a space for sharing.
According to the recent statement, he shared that Insta will become an NFT marketplace, like OpenSea, where creators can mint their projects and buyers can buy directly from the app.
Meta releases test phase for its minting tool
At first, only the NFT sharing and uploading feature was rolled out. Now, Meta announced NFT minting and trading tools, hinting at the possible launch of Instagram as an NFT marketplace soon.
Selected creators will use the “end-to-end toolkit” to create digital collectibles and sell them on Instagram, according to Stephane Kasriel, Head of Commerce and Fintech at Meta.
“Our strategy for Web3 technologies—including blockchain—is focused on helping creators make a living,” he said.
Creators will mint NFTs via Polygon and Instagram will use NFT metadata to include OpenSea collections in the app. So, people who want to buy any collectibles from OpenSea will save the time of manually searching for the website; instead, they can read the description and previews of the collection on Instagram.
Much similar to how they launched the NFT feature first for US creators, and then for the rest of the world, Meta has chosen some creators like DrifterShoots, Ilse Valfré, and Amber Vittoria to create NFTs on Instagram as a test phase to see how effectively the app can handle the new upgrade.
Kasriel says Meta aims to simplify the user experience with Web3. For him, the current platforms are complex for new users in the space. With Instagram’s new feature, anyone can become a creator or a collector with basic knowledge.
When referring to the ETH gas fee for minting, Meta shared it will be covering the cost in the test phase. It won’t charge for selling or creating NFTs until 2024 but the app store fees for in-app transfers will still apply.
Challenges for Meta
Seeing so many scams and rug pulls existing in the NFT space, a lot of people might be hesitant with adopting this new technology. Additionally, Meta is yet to release any guidelines that protect its users from these scams.
Although Zuckerberg insists on creating the NFT marketplace on Instagram, the company hasn’t shared any practical shape of whether it’s going to be available within the app or an external website.
Meta seems to be going all over the place this year. With the new minting tool, will creators move to Instagram to create digital collectibles? That’s a question only the official launch will answer.
Despite its well-planned strategies to launch NFT functions on Facebook and Instagram along with the development of Horizon Worlds metaverse, the company has failed to meet the expectations of its users.
Just last week, Zuckerberg lost billions of dollars when the share value dropped 20%.