Meta (formerly known as Facebook) has been at the forefront of Internet innovation for the last decade. CEO Mark Zuckerburg has always had his eyes on the world's digital future, with the VR platform Horizon Worlds and Meta Quest headset taking center stage in the company's product line over the last few years.
But over the last year, the platform has also taken massive steps into the NFT space — laying the foundation to onboard billions of users into the digital collectible fold through Instagram and Facebook.
Here is everything you need to know about Meta's entrance into web3:
Instagram’s NFT Journey
Instagram first dipped its toes into the web3 waters in May of this year, announcing that the platform would begin to support the sharing of digital collectibles.
A select group of creators and collectors were initially able to use the new feature, which included the ability to connect a digital wallet, share NFTs (including a special display that showed public information about the asset), and tagging of the creator and collector.
After the initial test group, Instagram had a busy summer — rolling out NFT features to 100 countries, scaling to and support Facebook. Solana compatibility came this fall via the Phantom Wallet, alongside the biggest announcement yet — with the platform announcing that users will soon be able to both make their own NFTs and sell them on the platform’s Creator Marketplace.
While the creator features are currently only available to a small group of artists, the platform’s actions have set the stage for onboarding millions of new users into the NFT space.
What Are Instagram NFTs?
Instagram NFTs are digital collectibles that have been minted on Meta’s ‘end-to-end’ creator toolkit. Currently, only select artists have access to the feature, with a broader rollout likely to happen in the coming months.
What Artists Have Released NFTs on Instagram?
Instagram rolled out the new minting and selling features to an exclusive group of creators. The list features many notable artists already ingrained in the NFT space, including Drifter Shoots, Vinnie Hager, Amber Vittoria, and Dave Krugman.
We’re excited to test these new features with a few creators in the NFT space 🚀@amber_vittoria @erubes1 @dave_krugman @coolcoffeedan @dianasinclair @catalinawhales @jasonseife @VinnieHager @refikanadol @NFTSaraBaumann @valfre @IamOliveAllen @DrifterShoots
— Instagram (@instagram) November 3, 2022
On Nov. 8, Drifter Shoots became the first artist to release his work through the platform, with his 50-edition collection called 'Learning to Handle Change' selling out instantly and currently holding a floor price of 1.65 ETH.
I’m excited to be the first creator to mint and sell on Instagram!
— Drift (@DrifterShoots) November 8, 2022
Today at 5pm PT / 8pm ET I will be listing an edition of (50) Digital Collectibles on Instagram for $999.99 each, titled ‘Learning to Handle Change’. All collectors are eligible to receive a signed print pic.twitter.com/qpk15AfOo8
Since the initial launch, several of the other artists listed above have released their drops on the platform, with Amber Vittoria (Nov. 9), Sara Baumann (Nov. 9), Jason Seife (Nov. 10), Danny Casale (Nov. 14), and Eric Rubens (Nov. 16) all selling out in seconds.
How Do I Share NFTs on Instagram?
To start sharing the NFTs you own, first navigate to the hamburger drop-down and select ‘Digital Collectibles’.
From there you will be prompted to connect an existing wallet to Instagram — with MetaMask, Trust Wallet, Coinbase Wallet, Dapper, Phantom, and Rainbow all available for integration.
*Currently, only Rainbow, Trust Wallet, and Phantom allow sharing of NFTs. The platform also is yet to support hardware wallets like Ledger or Trezor. Visit Instagram's Help Center for more info on compatibility.
Once connected, you'll be able to choose an NFT from your collection, write a caption, and post it to your Instagram feed.
What Blockchains Are Instagram NFTs On?
Ethereum, Flow, Solana, and Polygon NFTs are compatible at this time for sharing — while all minting and selling for creators is done through the Polygon network.
What is the Royalty Structure for Instagram NFTs?
Meta announced that it won't be taking any cut of royalties from NFT sales until at least 2024, though purchases will be subject to Apple App Store fees (30 percent).
Creators are able to set custom commission rates between 5 and 25 percent on secondary sales of their NFTs.
Where are Instagram NFTs stored?
NFTs are stored on a blockchain — and Instagram is simply collecting and organizing data from those external sources. Connecting a third-party wallet to the platform enables Instagram to identify what digital collectibles belong to you and can be displayed.
Creators that mint their collections through the platform are doing so on the Polygon blockchain.
More information on Instagram's digital collectible initiatives can be found on the platform's website.
This article will be updated as more information is released.
