As social platforms rally to be web3-first, Instagram shoots it out of the ballpark with a big announcement: digital creators can now mint and sell non-fungible tokens on Polygon directly from the platform.
The Meta update also includes a number of other new features that improve audience support for creators, including paid subscriptions, star parties, and community gifts on Instagram, and a professional mode for Facebook profiles.
Instagram, which previously only supported Ethereum, Polygon and Flow blockchains, as well as connections to third-party wallets including Rainbow, MetaMask, Trust Wallet, Coinbase Wallet and Dapper Wallet, plans to add support for the Solana blockchain and Phantom wallet.
Further sweetening the deal, Instagram said it will not be charging any additional fees, at least “not until 2024”, or charge creators gas fees for digital collectibles bought on Instagram at launch, but “digital collectible purchases made within the Instagram app on the Android and iOS operating systems are subject to applicable app store fees.”
Creators will also be able to choose their royalty percentage between 5% to 25%, and link their bank account or Paypal account to get paid.
The new features will be released to select U.S. creators for testing, who include Amber Vittoria, Refik Anadol, Jason Seife, and Dave Krugman, among others.
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