Instagram to launch a feature for developing its own NFTs

The American social media conglomerate Meta Platforms has announced the launch of a new feature on Instagram, which will allow social media users to develop their own NFTs and sell them on the platform in the near future.

According to Meta, from now on, in addition to publishing their own non-fungible tokens purchased on other platforms, some users will be able to create NFTs on Instagram on their own. It is not yet known exactly who will be able to develop and sell their own NFTs on the platform and what principles will be used to decide on this. According to Meta’s Head of Commerce and Financial Technology, Stefan Kasriel, «a small group of creators» will have access to minting and mining.

It seems that developers from Ukraine will not be able to test the new feature in the near future, as even the publication of their own NFTs purchased on other platforms is currently unavailable to Ukrainians. The feature, which allows Instagram users to showcase their NFT collections, was previously available only in the United States, but in early August, the rest of the world joined the list of select countries: America, Asia Pacific, Middle East, and Africa.

As for Instagram NFT updates, the platform will expand the list of non-fungible tokens that can be displayed on the social network. These include dynamic NFTs and art tokens on the Solana blockchain.