Earlier this year, Meta, the parent company of Facebook and Instagram, announced it would venture into digital artwork. Initially rolled out only to a select group of creators, the program will soon be in full force. As per Meta’s latest announcement, this program will consist a toolkit that will allow users to design NFTs on the Polygon blockchain.
What This Means for Brands, Creators, and Fans
There are numerous digital creators on Instagram who have a significant following. Now, those creators will be able to sell their electronic artwork directly on the platform.
Meta’s toolkit will give artists everything they need from start to finish. The first step is starting the project on Polygon. When it’s time to showcase and sell these NFTs, Meta’s resources will make it simple. Followers will be able to support their favorite accounts by purchasing the image directly through Instagram.
This makes it easier for creators to display their work and bring in revenues. In addition to followers being able to purchase NFTs, there are other ways too they will be able to support their favorite artists. Instagram further plans to expand access through subscriptions, offering a gifting feature on Reels, and making updates to Facebook Stars.
These options will allow artists to grow their communities, build brands, and increase their digital footprint. Moreover, private Instagram accounts will be able to create a limited public presence for the sole purpose of selling their work.
The simplicity of the process will allow investors and collectors of all levels to make a purchase. Some people are overwhelmed by the process of purchasing NFTs. Instagram is taking this worry away thanks to its user-friendly model. In turn, the toolkit will make it very easy for creators to mint NFTs.
The Evolution of Instagram
After the introduction of Reels, Instagram evolved from a mere photo-sharing platform to a full-on entertainment app. The NFT integration was announced earlier this year and is a logical next step for the social media platform.
This step further empowers creators in a new arena for Instagram. As there are already countless digital artists on the network, they now have a way to promote and sell their work on a formidable scale.
Another benefit for creators is that there will be no fees for sharing NFTs on Instagram. Fees for creating and selling these images will not be charged until 2024. Meta will initially cover the “gas fees” (blockchain charges) for buyers.
Potential Opportunities
To sum up, NFT creators would now be able to mint, display, and sell digital assets using a streamlined resource offered by a familiar platform. Not only do these artists stand to make significant revenues, but they can also make invaluable connections.
The test phase for the minting and selling began in early November and has seen an incredibly positive reception from the Instagram community. Meta hopes to further expand these capabilities in the coming months to create new opportunities for the next generation of artists.
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