Scrolling on social media is now a pastime of our generation. Not exactly helpful, but what if you could make money out of it?
The world of crypto and NFTs is still relatively new to us. Even though the majority of us grew up with technology, not a lot of us fully understand crypto and co. But all of us know how to Instagram! Well, Meta, Instagram’s parent company, has recently announced that users will be able to create, sell, and buy NFTs through the app.
NFTs will be sold as “digital collectibles” and as usual the service will only be available to users in the US, for now! Their service will be free of charge, but not for long! Instagram will use the Polygon blockchain to enable users to create and sell NFTs. Additionally, Instagram users will be able to link their digital wallets in order to showcase NFTs that they either created or bought.
How will it work?
While NFTs and crypto are like best friends, when it comes to buying or selling NFTs, users will not be able to buy NFTs through Instagram, with cryptocurrency. That is because Apple and Google only support in-app purchases with fiat currencies AKA government-issued money. So, to receive payment, creators can connect their bank account or PayPal account.
How will you recognize an NFT from a regular photo? Well, the app will display the NFTs and add a shimmery effect to denote authenticity. Additionally, Instagram will allow video-based digital collectibles on its platform. NFT creators will also choose their royalty percentage on every sale which will range from 5% to 25%.
Of course, as is the case with blockchains, authenticity has a place on InstaNFTs as well. As the company stated that both the creators and collectors can be automatically attributed in the digital collectible post. This will happen by compiling data from open blockchain platforms like Ethereum. However, Instagram can only determine which collectibles belong to collectors and creators when they link their third-party wallets to Instagram.