New Meta update allows creators to sell NFTs and offer subscriptions on Instagram and Facebook
November 3, 2022
Instagram and Facebook have announced a number of updates for creators on their platforms, as they look to expand their offerings and attract more creators to their platforms.
One of the most significant updates is the introduction of non-fungible tokens (NFTs) on Instagram. Creators will soon be able to create and sell NFTs directly to their followers, both on and off Instagram. The platform will provide creators with a toolkit to help them create, showcase, and sell NFTs. Polygon is going to be the first partner for this feature, which will be tested with a small group of creators in the US before being expanded to other countries. The social media platform is going to allow its users to purchase the NFTs directly within the app through traditional in-app purchases on iOS and Android. At the time of writing the company is not going to take a cut of the creators' revenues from the sale of NFTs.
In addition to NFTs, Instagram is also adding support for the Solana blockchain and Phantom wallet, joining the other blockchains and wallets that the platform already supports, such as Rainbow, MetaMask, Trust Wallet, Coinbase Wallet, Dapper Wallet, Ethereum, Polygon, and Flow. Information about select collections that have had their metadata enriched by OpenSea, including the collection name and descriptions, will also be available on Instagram.
Instagram will be expanding access to the subscriptions feature to all eligible creators in the US. The platform began testing subscriptions in January with a small group of creators, allowing them to offer paid access to exclusive Instagram Live videos and Stories to their followers. Subscribers receive a special badge that helps them stand out amongst other people in the comments section and in the creators' inboxes.
Facebook is also making updates for its creators, including increasing access to "Stars", which allow creators to earn money directly from their followers on Reels, Live, and video on demand. The platform is also testing automatic onboarding for creators, which will automatically give them the ability to send Stars on their content. Stars will also be available on non-video content such as photos and text posts.
For creators who are already using Stars, Facebook is bringing Stars Party to Reels, which is a community challenge that ends with a celebration if the creator manages to reach their goal. Creators on Facebook will also be given more tools in the upcoming days to help engage with people who send them Stars, including a filter in Comments Manager that displays all of their Stars comments in one place, allowing them to reply to multiple comments at once.
In addition to these updates, Meta is introducing "gifts" on Instagram, starting with Reels, to give creators a new way to earn money from their fans. Fans can purchase Stars within Instagram to send gifts on Reels to their favorite creators. Like most other features, this feature is also currently being tested with a small group of creators in the United States and will be expanded to more creators in the future. Meta is also expanding its professional-mode profile setting on Facebook to all creators. This special mode is designed to be used by creators looking to monetize their followings on the social network and was previously only available to a select group of creators.
These updates come as the parent company Meta is looking to invest in expanding its creator user base and tap into new revenue streams from subscriptions and other offerings. The expansion of NFTs and subscriptions on Instagram is a strategic move to differentiate the platform from its largest competitor social media platform, TikTok, which has gained popularity among creators across the world in last few years. As Meta continues to build the metaverse, it will rely on the support of creators, and these updates appear to be aimed at making its platforms more attractive to them.