Meta is now expanding support for the NFT markets in a huge way. It is all set to allow some creators the sale of digital collectibles on Instagram. The announcement from Meta came during the Creator Week event.
The inner scoop
This platform has been paying NFTs lot of attention on Instagram as well as Facebook from last year onwards. However, Instagram users could simply exhibit their digital collectibles until now.
However, with this new “end-to-end toolkit”, Meta is set to make creators happy with NFT collections sales. Instagram has also been working to ramp up commerce specifications for sometime now.
Meta did mention not taking any cut from these NFT sales till in the year 2024. However, 30 percent sales deductions will apply to the accounts for the store fees. Creators will be able to set up a commission rate for resale, ranging from 5% and 25%.
An end note
The feature will now be available only for “small group” in the United States for creators currently.
Meta is also working on Instagram subscriptions, and attempting to being in a “professional mode” on Facebook.