Top Crypto News: Instagram Turns Into An NFT Marketplace

Instagram rolled out features to let creators sell their NFTs on the platform. At the time of launch the creators or buyers won't have to pay gas fee, but this may change in the course of time. Meta’s social media arm Instagram has been testing NFTs with selected creators in certain parts of the world.In August, the platform enabled the NFT buy and sell feature across 100 selected countries. Today, Instagram will enable the sale of NFTs for selected creators as a litmus test.

To make sure creators and collectors both accrue value through this new addition to digital art medium the platform itself won’t charge a fee for the trade but there will be an app fee. This may be a cause for concern for creators because the firm included a massive sales cut from people making profits from Horizon Worlds.

Report says Meta’s quarterly losses have caused a stir in the web3 landscape. Zuckerberg is striving to bring the best solutions for the creator community and has not flinched through this period. His bullishness on the web3 space is commendable. With solutions like Spark AR studio tied to creator learnings and other Meta-centric on-ground and online events and cohorts, we could potentially witness a revolution in the creator economy.