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Instagram Is Trying Out a New Feature Allowing Users to Mint and Sell NFTs. Here’s How One OG Creator Is Using It

If there’s one lesson to be learned from Facebook’s unpopular rebranding last October, it’s Zuckerberg Inc.’s stated determination to hunt down and monetize the metaverse.

Meta’s first year disasterThe company’s stock fell nearly 75%, leaving its Reality Labs division to lose $3.7 billion. Horizon Worlds, the company’s flagship virtual reality app, has lost a third of its users since February. Perhaps it’s time for a risk-free bet: NFTs on Instagram.

On November 2nd, Meta will allow Instagram users to create, showcase, and sell NFTs (or digital collectibles, as we prefer to call them) on the platform, courtesy of the Polygon blockchain, which is acclaimed for its speed and scalability. announced that it will be possible. Back in May, Meta allowed users to connect their Instagram accounts to their cryptowallets and share their digital collections on their profiles. Now the platform has taken an important step towards becoming his NFT marketplace.

First, as part of our annual Creators Week, we’re testing out this feature with a group of crypto artists like Amber Vittoria, Refik Anadol, Drift, and Diana Sinclair.

The line-up includes New York-based digital artist Olive Allen, who has sold his first work. NFT at an art fair Dating back to 2021, playful depictions of sheep, teddy bears, and indeed herself are trading for tens of thousands of dollars on the NFT market.

“This new feature will allow anyone to create NFTs,” Allen told Artnet News. “Artists and content creators can find new ways to connect with their communities. We believe this is a step in the right direction towards mass adoption and the creation of the Metaverse.”

courtesy meta

The meta movement reaches an interesting moment for the crypto art movement. No longer just the domain of niche online communities, NFTs have come through different eras. wild speculation And now it is the concern of major museums and galleries.If meta rollout succeeds — move twitter NFTs could become truly mainstream.

NFT’s platform, which previously consolidated and enhanced e-commerce capabilities for vendors, could offer similar benefits to creatives by streamlining the process of extracting revenue from followers. In time, Meta expects to benefit as well, but until 2024 he has announced that he will not charge a fee for creating or selling NFTs.

“I’m going to do a small collection,” Allen said. “Most of our creations are affordable, so even those new to NFTs can join the community and feel included.” Monetizing Instagram followers When asked what he thought about the artist whose first IRL solo exhibition was held Postmasters Gallery In May, she said it would be an honor to help her create more unique experiences for NFT holders.

Allen thinks the first batch of digital collections on Instagram could even cause a small bounce in the market. NFT historians see this as another opportunity to collect first. ”

After a tumultuous year, Mehta wishes she was right.

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