Instagram Now Supports Solana NFTs

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gm, it's almost Friday! Let's close out a great week 😊 

• Ledger and Deadfellaz have collab'd on an awesome upcoming drop.

• Visa announces its own sports-themed NFT collection called Masters of Movement alongside crypto.com. (V)

• 2021 NFT project Starcatchers make good on their word and drop their royalties to 0% across the board, exemplifying a community-driven and successful collection. (@StarcatchersNFT)

• Polygon NFT minting, sharing, and selling go live on Metas Instagram under the term "Digital Collectibles". The interface is clean and easy to use. (DC)

• OpenSea begins testing a new system that can auto-detect stolen NFTs before they are able to be sold, though the technology still has a way to go. (TV)

• BitGo implements wrapped dogecoin (wDOGE) to the Ethereum blockchain. (CD)

• Meta integrates support for Solana NFTs. Now you can showcase your NFTs on Meta products; Facebook and Instagram with your Phantom wallet. (@solana)

• Solana’s native builder Famous Fox Federation extends its tools to Aptos.(@FamousFoxFed)

Meta NFT Marketplace 🚀

Meta is revealing the next phase of its NFT roadmap with the introduction of an NFT marketplace on Instagram. In the last year, we’ve seen Meta introduce the option for Instagram users to share NFTs on the platform, and they’ll now be able to purchase and sell them as well. This ability will at first be restricted to a select number of digital artists such as Dave Krugman, Jason Seife, and Refik Anadol among others.

Prior to Meta’s integration of NFT tech into the platform, we witnessed them take a strong position in cleaning up the public image of NFTs. For example, Meta purged powerful Instagram accounts that were merely shilling NFT projects. By disassociating NFT’s reputation from scams, the company has been positioning itself to be able to roll out the tech to lots of users. 

Adhering to their commitment to simplifying the NFT user experience Meta will also be introducing an end-to-end toolkit for creators to produce and distribute NFTs on Instagram itself. This type of ability may certainly propel NFTs into new social modes of distribution and relevancy that traditional NFT markets were not able to necessarily generate. While Meta will be subsidizing all gas fees and abstaining from sales taxes initially, this is slated to change come 2024. For Meta this is a small investment towards creating a frictionless experience for users that should culminate in a sizeable amount of trading volume in the future. 

Optional Royalties? 🧐

The optional royalty meta is still an ongoing topic in the Solana ecosystem. This topic has induced a bearish situation for some founders and projects. Some projects have adjusted and devised other models that keep them going. And then there are some projects, protocols and founders working and brainstorming on solutions to make sure creators’ royalties don't die a natural death. 

Meta Tattoo Club with collaboration DeFi District has developed a tool to reward people who pay royalties. The tool checks any hashlist on the blockchain every 10 seconds to see if royalties have been paid. It places every NFT bought without royalties on a list that projects can use to allow or not allow access to their ecosystem utilities. The software also gives degens the option of checking their bags to see which NFT's royalty needs to be paid off and an option to pay for it in a quick transaction.

The product is not a Meta Tattoo club's only product but for the entire Solana community. The team highlighted the possibility of marketing the product as a SaaS product for other projects during the software announcement on their discord.

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Disclaimer: The Drop DOES NOT provide financial advice. All content is for informational purposes only. The Drop is not a registered investment, legal, or tax advisor or a broker/dealer. Trading any crypto-related asset is extremely risky and could result in significant capital losses. 

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Gannon Breslin, Kayla Kilbride, CryptoVonDoom, Naveed Lalani, Alex Reed, Naman Patel, Big Tuna

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