Instagram Users Will Soon Be Able To Mint and Sell NFTs By Katie Clinebell Full Bio Digital marketing specialist and writer, Katie Clinebell has more than 7 years of experience researching, writing, and strategizing content around cryptocurrency, fintech, blockchain, and the pharmaceutical industry. She has contributed to award-winning and nationally-recognized PR campaigns. She currently owns her own crypto-specific digital marketing agency working. Learn about our editorial policies Published November 03, 2022 Unsplash / Solen Feyissa Close Instagram users will soon be able to create, display and sell non-fungible token (NFT) on the platform. During its Creator Week 2022 event, Meta (META) announced a new feature that enables creators to make digital collectibles and sell them both on and off Instagram. Key Takeaways Instagram users will soon be able to create, show and sell NFTs.The social media platform won’t charge fees to create or sell NFTs until 2024.Polygon will provide blockchain infrastructure for the new feature. Get personalized, AI-powered answers built on 27+ years of trusted expertise. ASK No Charges For The New Feature There will eventually be a rollout of the new features to other countries, but the initial launch will only be available to creators in the United States. Moreover, Meta plans to integrate video NFTs and pull information about selected existing NFT collections, such as names and descriptions, from the NFT marketplace OpenSea. Meta will not charge fees to create or sell NFTs until 2024. Also, blockchain gas fees will be covered by Meta "at launch," but no timeline is provided. Instagram users will likely not be able to purchase NFTs with crypto from the Instagram app since both Apple and Google only support in-app purchases with fiat currencies. In the past, users had been able to get around their commissions by using buttons, external links, or other actions. Further, Apple's newly announced 30% commission fee on NFT sales would still apply to NFT transactions. Polygon And Arweave Will Provide Infrastructure Instagram will leverage the Polygon blockchain to let users mint and sell NFTs. After the news broke, MATIC, the native token of the Polygon network, jumped over 14% over the past 24 hours. Reddit recently used Polygon's blockchain for its highly successful Collectible Avatars NFTs. The feature will use the decentralized data storage protocol Arweave for the storage of its creators’ NFTs. Following the news, AR, Arweave's native token, surged over 50%. In addition, Instagram users will be able to connect their Solana and Phantom wallets to showcase alternate forms of digital collectibles including videos. The Bottom Line In fierce competition with TikTok and YouTube, this is the social network's latest Web3 integration. With the new feature, creators will not only be able to display NFTs but also earn money from them. Article Sources Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy. Meta. ''News from Creator Week Part 2: Los Angeles'' CoinMarketCap. ''Polygon'' Reddit. ''Trick, Treat, or…A Little of Both? Spooky Season Collectible Avatars are Here!'' CoinMarketCap: ''Arweave'' Take the Next Step to Invest Advertiser Disclosure × The offers that appear in this table are from partnerships from which Investopedia receives compensation. This compensation may impact how and where listings appear. Investopedia does not include all offers available in the marketplace. Get personalized, AI-powered answers built on 27+ years of trusted expertise. ASK Read more News Cryptocurrency News Partner Links Take the Next Step to Invest Advertiser Disclosure × The offers that appear in this table are from partnerships from which Investopedia receives compensation. This compensation may impact how and where listings appear. Investopedia does not include all offers available in the marketplace.