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Billed as “the cultural expertise of the decade,” and with tickets costing between $1,500 and $250,000, Fyre Festival generated much of its interest due to being promoted by models resembling Kendall Jenner, Emily Ratajkowski, Bella Hadid and Elsa Hosk on Instagram. Attendees assumed they could be on the gorgeous beaches of Exuma rubbing shoulders with these and other celebrities, together with members of Kanye West’s G.O.O.D Music label like Desiigner, Pusha T and Tyga. But that merely wasn’t the truth of Fyre Festival. Pop punks Blink 182 could have gotten whiff of the event’s shortcomings. The group was scheduled as a headliner, however pulled out at the final minute, saying, “We’re not confident that we would have what we have to offer you the standard of performances we all the time give our followers.”

While Instagram has been ramping up commerce options for creatures for a while, this update is the first time Instagram has tried to compete instantly with current NFT marketplaces. Meta says it will not take a reduce of NFT gross sales until 2024, though 30 percent will probably be deducted from gross sales to account for app store fees. Creators can also set a commission price for resales of their work, ranging from 5% to 25%.