This time around, Meta (formerly Facebook) and Instagram are picking up their pace when it comes to non-fungible tokens (NFTs) and the metaverse. As previously mentioned with the Arweave (AR) project, these social media giants are collaborating exponentially with gamers in the crypto space. This is to provide deep integration of NFTs on Instagram.
Remuneration thanks to NFTs!
Since May 2022, Meta and Instagram have made it clear that they want to be part of the wave of adoption of non-fungible tokens. The latest project update was released on November 2, 2022, announcing that content creators will soon be able to create (mint) their own “digital collectibles” directly on Instagram.
Meta announced that content creators on Instagram will be able to design and market their NFTs directly on the app using a “toolkit”.
These NFT creations will run on the Polygon (MATIC) blockchain. This parallel blockchain to Ethereum (ETH) allows for quick and cheap exchanges. Arguments that will certainly encourage Meta to choose it.
These new features, which offer the ability to sell these NFTs as well as create them, will initially be tested with a “small group of creators in the US”. However, the announcement states that the company plans to expand “soon” to other countries.
For their part, users will be able to purchase digital collectibles developed by their favorite characters directly in the Instagram application.
Meta made it clear that the process will be similar to any traditional purchase via iOS and Android. For now, the group is still testing the new feature with a “small group of creators” in the United States, but hopes to roll it out in other countries soon.
Additionally, Meta has made several other Instagram related announcements. The updates are designed to better reward content creators for maintaining their Instagram presence 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 to all eligible creators, those who are over 18 and have more than 10,000 followers in the United States.
The functionality has been tested with 10 profiles selected by Instagram since the beginning of the year. Those interested will be able to offer monthly subscriptions to their subscribers at the price of their choice, ranging from $ 0.99 to $ 99.99. Their premium subscribers will have access to exclusive publications for life.
To offer content creators a new source of income, Meta revealed 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 purchase these digital gifts is then donated to the people behind the videos. “Stars” and “Gifts” are the same product, but they are 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 by their membership.
Clearly, if Meta is offering more and more ways to make money, it’s to prevent its influencers from leaving its platform for competitors. Recently, TikTok created a new fund for creators. Some creators have seen their revenue increase up to 80x.
Non-fungible tokens hold up well despite the harsh cryptocurrency winter. These tokens, unique to the immutability of the blockchain, are attracting more and more traditional players. Just yesterday, video game giant GameStop also announced that he would ride the NFT wave.