Meta has announced that it is testing, minting, and selling NFTs (or, as Meta calls it, digital collectibles) on Instagram, with a select set of creators in the United States being the first to have access to the feature.
The first group of chosen creators consists of Amber Vittoria, Dave Krugman, Refik Anadol, Isaac “Drift” Wright, Eric Rubens, Jason Seife, Vinnie Hager, Sara Baumann, Olive Allen, and Ilse Valfre. Creators will now have access to a toolbox that will enable them to produce, promote, and sell digital collectibles. Creators can showcase NFTs issued on the Polygon, Flow, Solana, and Ethereum blockchains. Similar to what Twitter does for its NFT profile image feature, Instagram will also be adding some metadata from OpenSea to the display.
According to Meta, there will be no costs for posting and sharing digital collectibles on Facebook or Instagram, and there won’t be any further fees for selling digital collectibles until at least 2024. Moreover, it promised that for digital collectibles purchased on Instagram at launch, neither artists nor collectors would have to pay gas costs. However, it clarified that digital collectable transactions made within the Instagram app for the Android and iOS operating systems are liable for applicable app store fees.
Image Credit: Meta
It is reported that NFT creators will also be to choose their royalty portion, which will likely range from 5% to 25%. Then, creators can connect their bank account or Paypal account to get payment.
After the NFT announcements, Meta added Instagram is extending subscription access to all U.S.-based qualified creators. With a small number of producers, the social network started experimenting with subscriptions in January. The function, which was first seen on the App Store in November 2021, allows creators to charge their followers for exclusive Instagram Live videos and Stories. Subscribers are also issued a unique badge that helps them stand out in the comments area and in the inboxes of the creators.
Meanwhile, Meta is extending its professional-mode profile setting on Facebook to all creators. The professional mode is intended for usage by creators who want to utilize social networking site to monetize their fan bases. In December 2021, Facebook began testing professional mode with a small group of creators; it is now accessible to everyone on the network.
Read More: NFT Tweet Tiles: What’s exciting about Twitter’s New NFT integration Feature?
Meta also revealed that it would be launching gifts on Instagram, beginning with reels, to enable artists a new option to get paid by their followers. Fans may send gifts on reels by purchasing Stars on Instagram. Stars are virtual commodities that allow fans to show their support for their favorite creators during Facebook videos and live streams. This feature is now being tested by Meta with a select selection of American creators, and it will soon be made available to additional creators.
Further, Meta said that Facebook is extending Stars’ user base, enabling creators to get paid directly by viewers of Reels, live events, and recorded videos. Facebook will also begin testing automated creator onboarding, which will result in the ability to send stars showing up on their content without any hassles. Besides this, Stars are being added to non-video material on Facebook, such as images and textual posts.
