Instagram parent company Meta has developed a set of tools that will allow the creation, display and trading of non-fungible tokens (NFTs) on the platform.
The new set of tools will allow users to create NFTs and sell them “both on and off Instagram.” To do this, Meta has partnered with Polygon. Support for NFT videos will be added to Instagram, and metadata such as names and descriptions for featured collections will be taken from the OpenSea marketplace.
A “small group” of US developers will participate in the first phase of platform testing. After receiving a satisfactory test result, the tools will be offered to users from other countries. When testing will begin and end has not yet been reported.
Meta’s director of commerce and financial technology, Stephane Kasriel, noted that the company will not charge a commission for the creation or sale of NFTs until 2024. In addition, Meta bears the cost of gas for buyers during the launch phase of the toolkit.
Recall that in August, Meta, as part of the globalization program for the collection tokens market, integrated NFT into its social networks Facebook and Instagram.
Source: Bits
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