🎮 NFTs are Coming to Instagram

GM.

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While the stock market is beating the crap out of Meta's stock price, the company keeps making crypto moves.

Instagram announced that soon, creators would be able to mint and sell NFTs on the platform.

As a start, they'll support Polygon and Solana NFTs.

This is the second time Instagram and its parent company, Meta, have dabbled in the NFT space.

A few months ago, they added a feature allowing users to connect their wallets to IG and show their NFTs.

While girls flex their peaches, crypto degens flex their JPEGs.

With the most recent update, NFT creators can make and sell their own collections on Instagram.

Meta won't charge any fees for displaying, sharing, and selling NFTs on IG or Facebook until at least 2024.

But NFTs sold on the IG mobile app will be subject to the Android and iOS app store fees.

At least, neither collectors nor creators will have to pay gas fees for NFTs bought on IG.

For storing the NFTs, Meta will use Arweave, the decentralized data storage protocol.

Our take:

While Meta might not be the most trusted company, it has billions of users, all of which can soon start creating and trading NFTs.

No matter how you look at it, this is a huge win for mainstream adoption.

Toru Iwatani

Also published here.