Instagram is creating a buzz in the cryptocurrency market by announcing new features to help its content creators grow and make money on the platform.
during the event Creator Week 2022which took place last Wednesday (02), Instagram announced that it would facilitate tools so that they could create, display and sell NFTs to their community.
The decision is part of Instagram’s policy to compete with other social media apps, such as TikTok, to allow content creators to earn money within the app. Meta is also planning to increase Instagram subscriptions and add “professional mode” to Facebook profiles.
Instagram becomes the newest NFT marketplace
Per Meta’s announcement, Instagram users will soon be able to support their favorite content creators by purchasing their non-fungible tokens (NFTs) directly within the app.
According to the company, this new toolset will first be tested by a small group of creators in the US, the company plans to expand it to other countries once testing is complete, as it did with its integration of NFTs into the app. .
During the event, which took place in Los Angeles, Meta revealed its set of plans to help content creators strengthen their businesses through its subsidiary platforms, Instagram and Facebook.
In addition to mining and selling NFTs on the Instagram app, content creators will also be able to sell their NFTs off the platform.
To achieve this functionality, the platform has successfully partnered with Polygon Blockchain. For now, the platform is not planning to take any revenue cuts from creators.
Know more: JPMorgan made its first DeFi transaction on the Polygon Blockchain
Meta’s announcement also suggests that the company will facilitate the acquisition of NFTs within the app. The purchase process will be the same as traditional in-app purchases for both Android and iOS.
Already in the testing phase since January this year, another feature will be distributed by Instagram, allowing creators to earn money by giving access to exclusive stories and lives for their followers. Once users subscribe to a creator’s profile, they will be featured among others in the comments section.