In a significant sense, Meta is increasing its support for NFTs. According to a statement made by Meta during its Creator Week event, the business now permits some creators to produce and sell digital artefacts directly on Instagram.

Since last year, the platform has been experimenting with NFTs on Facebook and Instagram. However, Instagram users have only been able to display their digital collectibles up until now. In order for creators to create NFT collections and sell them to their friends and followers, Instagram now has a “end-to-end toolkit.” While Instagram has been enhancing its creature commerce capabilities for some time, this update marks the first time Instagram has made an attempt to directly challenge the NFT marketplaces that already exist. According to Meta, it won’t start taking a part of NFT sales until 2024, though sales will be reduced by 30% to cover app store expenses. The commission percentage that creators choose for resale of their creations might range from 5% to 25%.

For the time being, the new tools are only accessible to a “limited set” of American creators, but Meta says it aims to expand to more people and nations “soon.” However, the business is modernising more extensively used NFT functionalities. For collectors, Meta is supporting video NFTs on Instagram profiles and providing compatibility for the Solana blockchain and Phantom wallet. OpenSea metadata is also being added by the app for “selected collections.” NFTs are being expanded on Instagram as part of a larger initiative by Meta to improve revenue-generating tools for app developers. Additionally, the business is increasing Facebook’s “professional mode” and Instagram subscriptions. Additionally, Meta is expanding the use of Facebook Stars, including in photo and text postings, and bringing in-app gifting to Reels on Instagram.