Instagram Becomes An NFT Marketplace

NFT MARKET_WATCH

Meta has opened the door for creators to sell

NFTs

on Instagram, officially making the platform an NFT marketplace. The social media giant has begun to roll out the necessary features to facilitate the buying and selling of digital collectibles.

 

For now, these features are accessible to only a select group of creators, with many more likely to be onboarded in the coming weeks. The lucky pioneers of Instagram NFTs include Amber Vittoria, Olive Allen, Eric Rubens, Jason Seife, Sara Baumann, IIse Valfre, Refik Anadol, Vinnie Hager, Dave Krugman, and Isaac ‘Drift’ Wright.

 

No Gas Fees For Creators And Collectors On Instagram NFT Marketplace

 

Speaking to a reputable NFT outlet, Christine Pai, Meta Spokesperson, noted that there won’t be gas fees paid by creators or collectors when a purchase is made, at least at the start, but this might change with time.

The green light comes a year after Facebook changed its name to Meta to focus on the upcoming Web3 revolution. The company has been lucky enough to become one of the main entities within Web2 and is in a race to establish itself on the metaverse front.

 

This year alone, Meta has made significant strides towards its goal by integrating NFTs on two of its social media platforms, Facebook and Instagram. There was speculation that the company even planned to allow users of these platforms to create, display, and sell NFTs.

 

But before that was made possible, there were a few nagging issues that needed to be addressed. One of these was how the social media giant would handle NFT content that violated its terms of use. The result was indefinite bans for popular accounts such as @NFT which had over 2 million followers on Instagram.

 

The account, like many others operating within the unregulated NFT market, had flooded its followers with posts of questionable NFT projects. Upon further investigation, it was found that the account posted sponsored content without disclosing the information to its followers, which violated Instagram’s terms of use and FCC guidelines.

 

The post Instagram Becomes An NFT Marketplace appeared first on NFT News Today.

 

Source : nftnewstoday.com/2022/11/04/instagram-becomes-an-nft-marketplace/?utm_source=feedly&utm_medium=rss&utm_campaign=instagram-becomes-an-nft-marketplace by Bazil - November 04, 2022

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