Squarespace is launching a new tool to mint and sell NFTs through its link-in-bio app Unfold. Here’s how it compares to rivals.

By June 22, 2022NFT
Click here to view original web page at www.businessinsider.com
NFT minting and selling from Squarespace's app Unfold
How NFT minting will look on Unfold.

This story is available exclusively to Insider subscribers. Become an Insider and start reading now.

  • Unfold, Squarespace's content editing and link-in-bio app, is launching NFT minting and selling.
  • Users will be able to mint NFTs directly in the app and display them on their link-in-bio for sale.
  • Unfold is the latest creator economy company to get into NFTs.

Unfold, a Squarespace-owned editing and link-in-bio app, is the latest creator economy company to release NFT capabilities, allowing users to mint and sell NFTs directly in the app.

The company announced the product today during NFT.NYC, the annual NFT industry event taking place in New York City this week, but it said the feature will not roll out to users until later this summer.

The move comes at a difficult time for the NFT market. After a very positive 2021, weekly sales have declined by more than 80% from a January peak of nearly $1 billion, data from NonFungible.com shows. In mid-June, the crypto market dropped below $1 trillion in value for the first time in 16 months.

Unfold was launched in 2018 as an app providing social media templates to creators. Since then, it's expanded its offerings, and now creators can use the app to edit and schedule social media posts, as well as to create link-in-bio landing pages.

With the new integration, users will be able to mint NFTs on the app by uploading content from their phones' camera rolls or pulling content from their Instagram and TikTok feeds. Users will connect or create crypto wallets to collect the profits from sales.

"This is another layer adding to the all-in-one toolkit that we already offer," Alfonso Cobo, the cofounder of Unfold, told Insider. "We're adding that more personal aspect when it comes to strengthening [a creator's] community, engaging them through ownership, belonging, and exclusive access down the line."

Unfold said they will be adding NFT storefronts to their link-in-bio service later this year.

For now, sales will happen on Rarible, an NFT marketplace which operates on the Ethereum blockchain. Both rarible and Unfold, which operates on a freemium model, will collect a percentage of NFT sales.

For users on a free plan or on a Plus plan — which costs $19.99 a year or $2.99 a month — Unfold will take 2.5% of sales, Rarible will take 2.5%, and creators will keep the rest.

Pro users — who pay $99.99 a year or $12.99 a month — will not have to share a cut of their sales with Unfold, but Rarible will still take a 2.5% cut.

Unfold is not alone in venturing into NFTs

Several creator economy companies have recently entered the NFT space.

Like Unfold, link-in-bio apps such as Linktree and Koji have launched NFT integrations. Linktree allows users to showcase NFTs through an integration with NFT marketplace OpenSea, while Koji, like Unfold, keeps the full process, from minting to selling, within the app.

In February, creator merch company Spring launched an NFT feature called Mint-on-Demand. Creators can mint and add digital collectibles directly to their product store, and customers can purchase them even if they don't have a crypto wallet thanks to a partnership with blockchain company Forj (previously known as Bondly).

All the while, tech behemoths like Twitter and Meta have added NFT showcasing to their features in some capacity.

Twitter launched NFT profile pictures for its Twitter Blue users in January. And at the beginning of May, Instagram announced they were beginning to test digital collectible showcasing in the app with select US-based users.

Video platform YouTube, on the other hand, is still figuring out how to approach the space. In February, YouTube's Chief Product Officer Neal Mohan wrote in a blog post that blockchain and NFTs could provide "a verifiable way for fans to own unique videos, photos, art, and even experiences from their favorite creators," but that "there's a lot to consider in making sure we approach these new technologies responsibly."

But while the investments in NFTs have kept coming, the market, itself, in in the midst of a downturn. Between May 18 and June 17, weekly sales of digital collectibles dropped from $247 million to $151 million, according to data from NonFungible.com.

Still, Cobo is confident that this is a passing moment.

"We know that crypto and blockchain is volatile," he said. "But I don't think that should sacrifice the ability for companies and technology to keep innovating and looking for solutions to solve real problems and look for real opportunities that can create new value for creators."

Sign up for notifications from Insider! Stay up to date with what you want to know.

Subscribe to push notifications

An icon in the shape of a lightning bolt.

For you

All Today's Crypto News In One Place