What: Meta group has indicated that brands and creators can create and sell their NFTs directly from Instagram with the initiative initially reserved for a selection of American creators.

Why it is important: The platform is using the Polygon blockchain to provide buyers of NFTs on Instagram a gas-fee-free transaction with a positioning that is intended to rival other NFT marketplaces such as OpenSea, Magic Eden and Rarible.

Instagram will not claim any commission on NFT sales until 2024, yet these transactions will still be subject to the 30% claimed by Apple for transactions made via the App Store. It was already possible previously for creators of works to connect their NFT portfolio to Instagram in order to present their gallery there.

Instagram begins transformation into NFT marketplace