Instagram to enable users to sell and create NFTs on the platform
Despite market uncertainty, cryptocurrency development continues to grow. This time, it’s Instagram creating buzz on the cryptocurrency spectrum with the announcement of exciting new features to help content creators grow and monetize the platform.
In its latest Creator Week 2022 event last Wednesday, Instagram, the seventh most valuable brand globally, announced that it would provide its fraternity with toolsets to enable them to create, showcase and sell NFTs to the community.
The move is in line with their policy of competing with other social apps like TikTok and others to enable talented content creators to monetize their applications. Meta also plans to increase Instagram’s subscriptions and add “professional mode” to profiles on Facebook.
Instagram becomes the newest NFT marketplace
Per Meta’s announcement, users on Instagram will soon be able to support their favorite content creators by purchasing their non-fungible tokens (NFT) directly in the app. According to the company, this new set of tools will first be tested by a small group of creators in America, with plans to expand it to other countries once testing is complete.
During the Creator Week 2022 event in Los Angeles, Meta revealed its set of plans to help content creators power their businesses across its subsidiary platforms Instagram and Facebook. Notably, in addition to minting and selling NFTs on the Instagram app, content creators will also be able to sell their NFT collectibles outside of the platform.
To achieve this functionality, the platform has successfully partnered with the Polygon blockchain. For now, the platform doesn’t plan to take any cut from creators’ earnings.
Per Meta’s announcement, it will also make it easier for the community to purchase NFTs in the app. The purchase process will be the same as traditional in-app purchases across Android and iOS.
Distribution of test functions
In addition to this exciting news about NFT achievement for content creators, Instagram also announced its plan to roll out the subscription access test feature to all authentic creators in the United States.
Already in the testing phase since January this year, this feature allows creators to earn money by providing access to exclusive stories and Instagram live videos to their followers. Once you subscribe to a creator, the user will stand out from the crowd in the inbox and comments section.
Furthermore, Meta has also announced its plan to increase access to stars on Facebook, allowing creators to monetize via Reels, live and videos on demand. Facebook also plans to start the testing phase of automatic onboarding for creators who will have “send stars” automatically appear on their content.
Featured image from Pixabay and chart from TradingView.com
