Instagram now allows you to issue and sell NFTs

Meta reported that the issuance and sale of NFTs have entered test mode. Soon it will be available to everyone, but so far the function has not yet been made public to everyone. According to their statements, a small group of authors from America can still use the new function. The platform will have an expanded ability to demonstrate NFT objects.

The idea will be implemented primarily on the Polyegon (MATIC) blockchain, which will allow for acceptable functionality. In addition, blockchains such as Ethereum, Flow, and Solana are likely to be supported. Metadata received from Instagram can be downloaded along the way from the top NFT-elements marketplace OpenSea. Previously, this was implemented in another equally popular social network Twitter. The latter, by the way, was recently bought by Elon Musk, who intends to change Twitter and make friends with the world of crypto assets.

Meta is coming up with more and more ways to monetize social network content, as evidenced by the expansion of professional tools. Recently, the Stars virtual currency tipping system has appeared, as well as the Instagram gifting system. The latter will also be bought for the above currency. Gifts can be sent to content authors who make short videos in the Reels section. So far, as mentioned earlier, all this is not available to all users and is in test mode among a limited circle of authors from America.

Adam Mosseri, head of Instagram, said that the project administration does not consider the site as an application aimed at simple photo sharing. Now Instagram is completely changing the format to entertainment and will be positioned as an entertainment platform. In this regard, content authors should be able to earn money from advertising or gifts from users. Alternatively, they may consider selling their NFTs.