Meta has been working to integrate non-fungible tokens (NFTs) on Instagram for quite a while, and now, it is taking a major step in that direction. In a recent blog post, the company revealed that it would soon let creators on Instagram create their own NFTs and sell them directly to fans, both on and off the photo-sharing social networking site. Currently being tested with a select group of creators in the US, this will give creators access to an end-to-end toolkit that will let them create, showcase and sell the NFTs.
So far, Instagram users have been given the ability to only showcase their digital collectibles to others, and while it is restricted to a small group of creators for now, Meta has plans for global expansion “soon.” This also comes soon after Instagram expanded its Digital Collectibles feature in 100 countries to let users connect to their digital wallets and showcase NFTs.
Announced at its Creator Week event, Meta added that it was expanding the types of digital collectibles that creators can showcase on Instagram. Once the expansion rolls out, it will include, apart from the blockchains and wallets already supported by Meta, video and support for the Solana blockchain and Phantom wallet.
Instagram will also contain the information for select collections with OpenSea metadata, such as its name and description, and users can but the NFTs directly within the Instagram app via in-app purchases across both iOS and Android.
This marks Instagram’s first foray into actively competing with existing NFT marketplaces, even though Meta has been experimenting on it for quite a while. Meta informed that will not be taking any percentage off the sales of NFTs on Instagram until 2024, however, it will cut 30% from the sales to account for app store fees. Additionally, creators can also set a commission rate for resales of their work, ranging from 5% to 25%.
Apart from the updates on NFTs, Meta also announced several features and perks that it was bringing to two of its biggest platforms. Instagram is getting Gifts as a new awesome for creators to earn on the platform. With Gifts, fans can purchase Stars, and send Gifts to creators while watching one of their Reels. Instagram is also expanding the access to subscriptions, which it began testing in January, to all eligible creators in the US.
With Subscriptions, fans will be able to purchase subscriptions to exclusive content (and other perks) from their favourite creators and receive a special badge to distinguish themselves from non-subscribers.
Facebook is getting love as well. With an increased access to Stars, more creators can earn directly from followers on non-video content such as photo and text posts as well, and soon, the ability to send stars will automatically appear on their content.
Additionally, more users can become creators on the platform with the expansion of Professional Mode for Facebook. It will let Facebook users become creators via their personal Facebook profile, and have access to more tools to engage with people who send Stars.