Instagram will launch NFT minting and trading functions! Integrating Arweave Incentivizes AR Up 60%

Facebook parent company Meta announced on October 2 that its social platform Instagram is developing the function of NFT minting and selling on the platform. This upcoming NFT “end-to-end toolkit” will allow users to create and launch NFTs. Own NFT and sell it through Instagram.

After the launch of the new feature, Instagram will also obtain NFT metadata (Metadeta) from OpenSea, allowing users to view NFT information on Instagram.
It is worth noting that Stephane Kasriel, Meta’s head of business and financial technology, also said that Meta’s NFT function will also integrate the Web3 project Arweave, using its data storage solution to store creators’ digital collections. After the news comes out, Arweave will be incentivized The native token AR has skyrocketed.

According to Messari data, in the past 24 hours, the AR coin price rose from $10.5 to $16.6, an increase of more than 60%, and the market value increased to $838 million, making it the third largest Web3 token in the world.

The statement pointed out that Meta will provide new NFT functions to a specific group of artists and content creators before providing these functions to the general public.

This latest strategy complies with Meta’s Web3 strategy. In May, the company announced a wallet that links specific creators to show their NFTs on Instagram and Facebook.

Now, Facebook and Instagram support the display of NFTs on the Ethereum, Polygon and Flow blockchains, allowing users to link their wallets and accounts to display NFTs. In the future, wallets that support Solana and Phantom will also be launched.

According to Meta, the big push for NFTs is a belief in the vision of Web3 and the desire for creators to use NFTs to optimize their content.

While Meta will not initially charge fees for NFTs through its app, it will still be implemented in the future. The company also vowed to pay buyers in ether when the new service launches, but did not specify an expiration date for the offer.

Stephane Kasriel said: “Meta will not charge fees for creating or selling digital collectibles until 2024,” but any transaction within the app will still be subject to App Store fees, such as Apple’s controversial 30% “Apple Tax”.