Despite the market uncertainty, cryptocurrency developments continue to grow. This time, it is Instagram making buzz on the cryptocurrency spectrum with the announcement of new exciting features to help its content creators to grow and make money on the platform.
In its latest Creator Week 2022 event last Wednesday, Instagram, the seventh most valuable brand worldwide, announced that it would facilitate its fraternity with toolkits to enable them to create, showcase, and sell NFTs to its community.
The move is in pursuance of their policy to compete with other social apps such as TikTok and others to enable talented content creators to make money on its applications. Meta is also planning to increase Instagram’s subscriptions and add “professional mode” for profiles on Facebook.
Instagram Becomes The Latest NFT Marketplace
Per Meta’s announcement, users on Instagram will soon be able to support their favorite content creators by buying their non-fungible tokens(NFTs) directly within the app. According to the company, this new set of toolkits will first be tested by a small group of creators in America, and it plans to expand it to other countries once the testing is complete.
During the Creator Week 2022 event in Los Angeles, Meta revealed its set of plans to help content creators strengthen their businesses across its subsidiary platforms, Instagram and Facebook. Notably, besides minting and selling NFTs on the Instagram app, content creators will also be able to sell their NFT collectibles outside the platform.
In order to achieve this functionality, the platform has successfully garnered a partnership with Polygon blockchain. For now, the platform is not planning to take any cut from the creators’ revenue.
Per Meta’s announcement, it will also facilitate its community to purchase the NFT within the app. The buying process will be the same as traditional in-app purchases across Android and iOS.
Distribution Of Testing Features
Besides this exciting news of NFT minting for content creators, Instagram also announced its plan to distribute its testing feature of access to subscriptions to all the authentic creators in the United States.
Already in the testing phase since Jan this year, this feature allows creators to earn money by giving access to exclusive stories and Instagram live videos to their followers. Once subscribed to a creator, the user will stand out among others in the inbox and comment section.
Furthermore, Meta also made its plan public about increasing access to stars on Facebook, allowing creators to make money via Reels, live, and videos on demand. Facebook is also planning to initiate the testing phase of automatic onboarding for creators that will make “send stars” appear automatically in their content.
Featured image from Pixabay and chart from TradingView.com