Home » Meta Pins Web3 Hopes on Instagram Creators Minting NFTs

Meta Pins Web3 Hopes on Instagram Creators Minting NFTs

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Meta’s latest blockchain service will allow a select group of Instagram’s US creators to create NFTs and sell their digital assets directly via the social media platform.

Company Said No service fees will be charged until 2024, covering gas costs for both creators and collectors for the foreseeable future. However, applicable Android and iOS app store fees will still apply to NFT in-app purchases.

The move essentially turned Instagram into an NFT marketplace, high seasrare or magic edenHowever, these marketplaces charge a service fee.

For example, OpenSea receives a 2.5% cut on the sale price. Creating or listing items is free. Rarible, on the other hand, receives 1% on the buyer side and 1% on the seller side from every sale. Magic Eden also costs 2% on all transactions.

Meta not announced yet NFT Loyalty Scheme For secondary sales, but recent Loyalty Option Marketplace WavesMagic Eden, SudoSwap, LooksRare, and others, you might choose to jump on the bandwagon.

Going fee-free is not the usual style for tech giants, especially for Meta.this is horizon world Virtual reality (VR) video games will reportedly charge users a 47.5% fee built into the cost of Meta Quest Store apps and games. This figure includes a 30% hardware platform fee for Meta’s VR Meta Quest.

Meta’s Reality Labs division, which is responsible for developing Metaverse-related technologies, continues to make big losses.The latest figures are Third Quarter Loss of $3.7 Billion.

Meta wants creators to make a living (and help solve their financial problems)

by taking meta Big loss in the metaverse sectorCEO Mark Zuckerberg hopes to attract more users to the Creator Economy through NFTs.

According to Zuckerberg, schedule It is about “helping creators build for the metaverse,” and its roadmap includes blockchain-powered digital collectibles. To mark this, Meta is inviting both her Instagram and Facebook creators from around the world to his “Creator Week” events the first week of November in Los Angeles, London, Bali and São Paulo. did.

In keeping with Web3’s promise to break the walled garden, Instagram’s new feature will allow users to take their Instagram-created photo and video collections off the platform and share them to their preferred NFT wallets and marketplaces. .

Meta recently launched a digital collection feature in 100 countries, to allow users to connect their digital wallets. However, this feature only allows Polygon, Ethereum, and Flow NFTs.

The latest update adds support for two new wallets, the Solana blockchain and the Phantom wallet, in addition to the existing options Rainbow, MetaMask, Trust Wallet, Coinbase Wallet, and Dapper Wallet.

Influencers and creators traditionally monetize their work through social media through a combination of brand partnerships, revenue-sharing programs from various platforms, and even direct payments from fans and followers.

Commenting on Meta’s Web3 strategy to enable creators to make a living, Stephane Kasriel, Head of Commerce and Fintech at Meta, said: said in medium post.

“Imagine that you, as a creator, use Instagram to sell tickets (in the form of NFTs) to events and experiences. It includes unlocking access for ,” says Kasriel. she said. “He used to have only one way to monetize tickets, but soon there will be multiple ways.”


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    reporter

    Ornella is a Miami-based multimedia journalist covering NFTs, the Metaverse, and DeFi. Before she joined Blockworks, she did reports for Cointelegraph and also worked for TV stations like CNBC and She Telemundo. She originally started investing in her Ethereum after hearing about it from her father, and she has never looked back. She speaks English, Spanish, French and Italian. Contact Ornella [email protected]

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