This time, Meta (formerly Facebook) and Instagram are stepping up their pace when it comes to non-fungible tokens (NFTs) and the metaverse. As we mentioned earlier with the Arweave (AR) project, these social media giants are partnering exponentially with players in the crypto space. This is to provide deep integration of NFTs on Instagram.
Paying thanks to NFTs!
Since May 2022, Meta and Instagram have made it clear that they want to be part of the wave of non-fungible token adoption. The latest project update was released on November 2, 2022 and announces that content creators will soon be able to create (memorialize) their own “digital collectibles” directly on Instagram.
Meta has announced that content creators on Instagram will be able to design and market their own NFTs directly on the app using a “toolkit”.
These NFT creations will be performed on the Polygon (MATIC) blockchain. This blockchain parallel to Ethereum (ETH) allows fast and cheap exchanges. Arguments that will surely encourage Meta to choose it.
These new features, which allow for selling these NFTs in addition to creating them, will initially be tested with a “small group of creators in the US”. However, the announcement says the company plans to expand to other countries “soon.”
For their part, users will be able to purchase digital collectibles developed by their favorite personalities directly within the Instagram application.
Meta clarified that the process will be similar to any traditional purchase through iOS and Android. For now, the group is still testing the new feature with a “small group of creators” in the US, but hopes to roll it out to other countries soon.
In addition, Meta made several other Instagram-related announcements. The updates are designed to better reward content creators for maintaining their presence on Instagram in the face of competition from apps like TikTok.
Other ways to monetize your Facebook or Instagram account
The social media giant has announced the launch of paid subscriptions on Instagram for all eligible creators, those who are over 18 and have more than 10,000 followers in the United States.
The feature has been tested with 10 profiles selected by Instagram since the beginning of the year. Those affected will be able to offer monthly subscriptions to their subscribers at a price of their choosing, ranging from $0.99 to $99.99. Their premium subscribers will have access to exclusive, lifetime publications.
To offer content creators a new source of income, Meta unveiled the arrival of “stars” on Facebook and “gifts” on Instagram. “Gifts” are gifts that Instagram users can give by watching Reels, short TikTok-inspired videos.
The money used to buy these digital gifts is then donated to the people behind the videos. “Stars” and “Gifts” are the same product but only available in Facebook Life.
Finally, Meta presented a brief introduction to Facebook profiles. These will allow content creators to monetize their account and earn ad revenue generated from their actual information.
It is clear that if Meta offers more and more ways to make money, it is to prevent its influencers from leaving its platform for competitors. Recently, TikTok came up with a new fund for creators. Some creators have seen their income increase up to 80 times.
Non-fungible tokens are holding up well despite the harsh crypto winter. These tokens, unique due to the immutability of the blockchain, are attracting more and more traditional players. Just yesterday, video game giant GameStop also announced that it would be riding the NFT wave.