Meta Will Allow the Creation and Sale of NFTs via Instagram

NFT as a phenomenon gradually moves to the masses and ceases to be something incomprehensible to the masses. Meta has launched testing of a feature to create and sell non-transferable tokens (NFTs) on Instagram.

What's known?

Instagram users will soon be able to create NFTs as well as sell them both inside and outside the social network itself. For now, the feature is available in test mode for a limited number of authors from the United States. In the future, it is planned to expand the opportunity to other regions.

What is NFT?

One of the most popular assets, nonfungible tokens, or NFTs, falls into the category of cryptocurrency collectibles.
Nonfungible tokens were designed with two key features in mind: rarity and scarcity. These tokens are so-named because each one is unlike any other. As a result, they are distinguishable and one-of-a-kind, just like the baseball cards you might have collected as a kid.

Meta says the purchase will be done through Instagram's Android and iOS apps. Until at least 2024, the company doesn't plan to charge authors a commission on the sale of non-interchangeable tokens. What's more, it will cover the network's commission. Instagram works with Coinbase Wallet, Dapper Wallet, Rainbow, MetaMask, and Trust Wallet.