Photo and video sharing social media platform Instagram is expanding into non-fungible tokens (NFTs).
The company, which is owned by Meta Platforms (META), announced that it will allow digital creators to mint and sell NFTs on its social media site.
Instagram recently launched a Digital Collectibles feature on its app in 100 countries, allowing users to connect to their digital wallets and showcase NFTs that they either created or bought.
Going forward, users will be able to show their connected NFTs in their feed and include a label that indicates its authenticity.
Users will also be able to sell NFTs on Instagram. NFT creators will be able to choose a royalty percentage between 5% and 25%. Creators can be paid through their bank account or PayPal (PYPL) account.
Linked to cryptocurrencies, NFTs are built on blockchain technology and often referred to as “digital art.” The NFT market soared in 2021 but has crashed this year along with crypto assets.
Instagram also said that it will allow video-based digital collectibles to be shown on its platform going forward and will add support for the Solana blockchain and Phantom wallet.
The social media platform already supports the Ethereum (ETH), Polygon and Flow blockchains, as well as third-party wallets such as Rainbow, MetaMask, and Coinbase Wallet.
Meta Platforms said it will not charge fees for displaying and sharing NFTs and other digital collectibles on Instagram or Facebook until at least 2024.
