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Creators will soon be able to make their own digital collectibles on Instagram and sell them to fans, both on and off Instagram. They’ll have an end-to-end toolkit — from creation (starting on the Polygon blockchain) and showcasing, to selling. People can easily support their favorite creators by buying their digital collectibles directly within Instagram. testing these new features with a small group of creators in the US first, and their hope to expand to more countries soon.
Since Facebook changed its company name to Meta in late 2021, much of the tech giant’s efforts have been centered on expanding its reach into the growing Web3 landscape. One significant initiative Meta undertook over the course of 2022 was integrating NFTs into its social platforms, Facebook and Instagram. As early as January of this year, there was buzz that Meta wanted to let users create, display, and (of course) sell NFTs on its market-leading platforms.
But before Meta officially launched its NFT efforts, it had to address a significant issue related to NFT-related content that violated its terms of use.
Specifically, Meta started the year by banning the spurious @NFT Instagram account backed by Mark Cuban. The account inundated its nearly 2 million followers with posts about questionable NFT projects. Ultimately, @NFT was banned because it posted sponsored content about NFT projects without disclosing that the posts were paid for, a violation of Instagram’s terms of use and FCC guidelines.
Several months later, in March of 2022, Mark Zuckerberg announced that he intended to turn Instagram into an NFT marketplace; however, he didn’t reveal any specifics at the time. Finally, in a May update to Instagram, Meta started testing its NFT features. Specifically, it gave select users the ability to share NFTs they created or collected on their profiles and in followers’ feeds. “Similar functionality is coming to Facebook soon, along with augmented reality NFTs on Instagram Stories via Spark AR so you can place digital art into physical spaces,” he said in the official announcement.
In June of 2022, Meta unveiled its entire NFT roadmap. And shortly after, in August of 2022, the company rolled NFT features out to users in 100 countries all over the world.
However, the platforms’ core NFT functionalities had yet to be added. Namely, the ability for users to create/mint, buy, and sell NFTs with one another through Facebook and Instagram. Based on today’s revelation, that’s set to finally change. With this round of public testing, select creators will be able to sell NFTs with their audiences on Instagram.
The latest update will allow creators to make their own digital collectibles and sell them both on and off Instagram, giving them an “end-to-end toolkit” for creating, displaying and selling NFTs. It will initially launch on the Polygon blockchain and will be tested among a small group of creators in the U.S., including Amber Vittoria, Refik Anadol, Jason Seife, Dave Krugman and several others.
This move represents a remarkable milestone in the evolution of Instagram’s existing NFT functionality and a natural next step to bring Web3 to the mainstream
said Polygon co-founder Sandeep Nailwal.
NFT means non-fungible tokens (NFTs), which are generally created using the same type of programming used for cryptocurrencies. In simple terms these cryptographic assets are based on blockchain technology. They cannot be exchanged or traded equivalently like other cryptographic assets.
Like Bitcoin or Ethereum. The term NFT clearly represents it can neither be replaced nor interchanged because it has unique properties. Physical currency and cryptocurrency are fungible, which means that they can be traded or exchanged for one another.
People interested in Crypto-trading and people who like to collect artwork often use NFTs. Other than that, it has some other uses too like:
Gaming Items – NFTs have garnered considerable interest from game developers. NFTs can provide a lot of benefits to the players. Normally, in an online game, you can buy items for your character, but that’s as far as it goes. With NFTs, you can recoup your money by selling the items once you’re finished with them.
Investment and Collaterals – Both NFT and DeFi (Decentralized Finance) share the same infrastructure. DeFi applications let you borrow money by using collateral. NFT and DeFi both work together to explore using NFTs as collateral instead.
In Web3 you can earn money by doing any of your activities like running, sleeping , eating and get paid for it
for example when you watch a tiktok video you like you comment but you make nothing out of it in Web3 you can get paid for it
Web3 (also known as Web 3.0) is an idea for a new iteration of the World Wide Web which incorporates concepts such as decentralization, blockchain technologies, and token-based economics. Some technologists and journalists have contrasted it with Web 2.0, wherein they say data and content are centralized in a small group of companies sometimes referred to as “Big Tech”. The term “Web3” was coined in 2014 by Ethereum co-founder Gavin Wood, and the idea gained interest in 2021 from cryptocurrency enthusiasts, large technology companies, and venture capital firms.
Some commentators argue that Web3 will provide increased data security, scalability, and privacy for users and combat the influence of large technology companies.Others have raised concerns about the decentralized web component of Web3, citing the potential for low moderation and the proliferation of harmful content. Some have expressed concerns over the centralization of wealth to a small group of investors and individuals, or a loss of privacy due to more expansive data collection. Others, such as Elon Musk and Jack Dorsey, have argued that Web3 only serves as a buzzword or marketing term.
Dave Krugman is one of the creators who was selected to test Instagram’s NFT marketplace features. In an interview with nft now, Krugman said that he’s excited about these new tools, as they will let him and his community share in the value they create.
“In the age of interconnected creative communities, the name of the game is incentive alignment. If the things that benefit my audience also benefit me, we are able to create a social symbiosis,” Krugman said. He continued by explaining that NFTs create a financial tie between creator and collector that aligns their priorities. “When someone owns a digital asset that I created, the value of that asset is tied to my own creative success. Thus, our incentives are aligned at a deep level — we share a common goal, and that creates a healthier connection between the community and the creator,” he said.
Krugman also noted that these features could help him better reach specific subsets of his audience. “Digital collectibles allow me to create niche communities within my larger community, micro-economies that help to fund and power my creative craft. The more support I get, the further I can push my ideas. And the further I push them, the more support I get. It’s a virtuous cycle,” he explained.
Krugman added that it’s only fitting that Instagram would be the first to integrate NFTs into its user experience to this degree, given the role it has already played in removing gatekeepers from publishing. “Instagram was a catalyst in my creative career. It decentralized the publishing of imagery, much like the printing press did for the written word. It changed everything for me, and this next step is a clear continuation of that decentralization of access and engagement with our audiences,” he said.
The latest update will allow creators to make their own digital collectibles and sell them both on and off Instagram, giving them an “end-to-end toolkit” for creating, displaying and selling NFTs. It will initially launch on the Polygon blockchain and will be tested among a small group of creators in the U.S., including Amber Vittoria, Refik Anadol, Jason Seife, Dave Krugman and several others.
Instagram will also allow video-based digital collectibles to be shown on its platform and will add support for the Solana blockchain and Phantom wallet. Prior to this, the platform supported Ethereum, Polygon and Flow blockchains, as well as connections to third-party wallets including Rainbow, MetaMask, Trust Wallet, Coinbase Wallet and Dapper Wallet.
In a bid to ensure this process is as seamless as possible for everyone involved, Meta has promised that NFTs sold on its platforms will not incur any additional fees for the parties involved. Of course, that doesn’t mean that there are no fees. Purchases made within the Instagram app on Android and iOS operating systems are subject to applicable app store fees. And Instagram may be adding its own fees down the line. However, Pai told nft now that Meta has “made a commitment to not charge any additional fees for selling digital collectibles until at least 2024.”
This point may cause some creators to worry. After all, Meta’s previous statements indicate that it intends to take a massive cut of sales made on Horizon Worlds, its flagship metaverse product.
With a significant focus being placed on ensuring NFT integrations on its platforms are accessible, the fruits of Meta’s NFT-driven initiatives may take some time to bloom. But when they do, we might see one of Web2’s most important platforms growing into one of Web3’s. Krugman, for one, is hopeful. “The NFT community would be wise to understand how intertwined we are with social media, […] I think with our powers combined; we can create a more sustainable system for creatives who work in interconnected online communities,” he said.
Source fb , simplilearn , nftnow , coindesk
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