how will Meta challenge OpenSea?

It’s official: Instagram will become an NFT marketplace. Find out everything you need to know about this project and how to create, sell or buy non-fungible tokens on the Meta social network.

At the end of 2021, Facebook changed its name to Meta. Since then, the company has been trying to carve out a place in the world of the Web3.

Throughout 2022, Meta has in particular attempted to integrate NFTs into its social networks Facebook and Instagram. The company wants to allow users to do this create, view and sell NFTs.

In March, Mark Zuckerberg announced his intention to do so turns Instagram into an NFT marketplace. However, she did not release any details at the time.

Then, during an Instagram update from May 2022, Meta began testing its NFT features. The company in particular has allowed a handful of users to do so share the NFTs they have created or collected on their profiles and in the flow of their “followers”.

The official announcement specified what similar characteristics would be soon added to Facebookalong with NFT augmented reality on Instagram Stories via Spark AR to allow users to place digital works in their physical space.

It wasn’t until June 2022 that Meta unveiled its entire NFT roadmap. Then, in August, the company rolled out features for users from 100 countries around the world.

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However, the main NFT features had not yet been added. These include in particular the ability to create / mint, buy and sell NFTs mutually on Facebook and Instagram.

Now it’s done. A the public test has begunand select users are now able to sell their NFTs to the Instagram audience.

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The opinion of the creators of NFT

Among the NFT creators selected to test the NFT Marketplace functionality on Instagram is Dave Krugman. The latter says he is enthusiastic about these new tools, because they will allow it share the value it creates with its community.

In his opinion, “ in the era of interconnected creative communities, the priority is the alignment of incentives. If the things that are good for my audience are good for me too, we can do it create a social symbiosis “.

He believes NFTs create a financial link between creator and collector aligning their priorities: when someone owns a digital asset that I have created, the value of that asset is tied to my creative success. So our incentives are aligned on a deep level. We share a common purpose and this creates a healthier connection between the community and the creator “.

The designer also points out that these features can help him better reach specific subsets of his audience. In his words, ” digital collectibles allow me to create niche communities within my community, micro-economies that help finance and fuel my creative creation “.

Explain that ” The more support I get, the more I can push my ideas. And the more I push them, the more support I get. It is a virtuous circle “This new NFT market on Instagram will therefore be a valuable resource for creators.

According to Krugman, it’s no surprise that Instagram is the first network to integrate NFT into its user experience. For good reason, this platform has already made it possible to remove obstacles to decentralizing image publishing. He compares this phenomenon to how the press released written expression

Price and launch date

To allow everyone to access these features, Meta has promised that NFTs will be sold on its platforms. at no additional cost for the parties involved.

However, this promise only extends to 2024. It should also be remembered that NFT purchases via an application on Android or iOS are subject to the respective application store fees of these mobile OS, which can be up to 30%.

For their part, the creators can set up a commission on the resale of your work. This fee can go from 5% to 25%.

This last point may worry some creators. In the past, Meta has also indicated its intention to take a massive 50% commission on virtual item sales in its Horizon Worlds metaverse.

Either way, it could be a winning bet for Meta. After climbing like one of the main Web2 platformsthe social network could be part of the main Web sites3.

For now, these new tools are only available for a small group of creators based in the United States. Meta promises to extend these features to other countries very soon …

Waiting, other NFT features more widely available have received an update. For collectors, the Solana blockchain and Phantom wallet are now supported. NFT videos can also be used on Instagram profiles, and OpenSea metadata is added for different collections.

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