instagram to let creators sell nfts

Instagram is introducing a new feature that will allow a small group of US-based users to mint and sell non-fungible tokens (NFTs) within the app as it keeps exploring ways to help creators monetize their content.

The company announced the launch of this beta testing phase in a blog post published today by Meta Platforms (META), the parent company of Instagram, in which it also unveiled other features that seek the accomplish a similar goal.

Meta commented that it will be making available an “end-to-end toolkit” that will assist creators every step of the way. The NFTs will be minted on the Polygon blockchain initially and will be showcased in the creator’s Instagram profile so their fans can easily buy them.

Instagram will also allow users to showcase their NFTs minted on the Solana blockchain or held in a Phantom wallet as the platform continues to embrace some of the most popular features and products of the web3.

The company expects to expand the NFT-minting feature to other regions shortly after the testing phase is completed.

What Are Non-Fungible Tokens (NFTs)?

Non-fungible tokens (NFTs) are digital assets that can be minted on a blockchain to create an ownership certificate. Even though the underlying content (a photo, audio file, or video) can be easily replicated, the owner of the piece will be the person who holds the NFT in a crypto wallet.

Instagram creators could opt to mint a picture of themselves in some situation, a reels, or an exclusive video to sell it to their fan base. This can be compared to buying an autographed baseball bat or t-shirt.

NFTs could be considered either a collectible item or an investment if the purpose is to resell it in the future. Many corporations have been using NFTs to reward their most loyal customers. Meanwhile, companies in the fashion industry have also been toying with the idea of selling virtual apparel in the form of NFTs to be used by individuals in the so-called metaverse.

Meta’s partnership with Polygon goes back to May this year when the company officially announced that it was selecting this Ethereum layer-two protocol as its partner to dive into the up-and-coming web3 space.

Instagram Is Also Upending its Current Monetization Features

Alongside this NFT feature, Meta announced that it will be making its subscription program available to more US-based creators so they can start monetizing their content by getting their followers to pay up for accessing premium content.

In addition, Meta is creating more ways for creators to earn money via the Stars program, which allows followers to show appreciation for the content their favorite characters are putting up.

Moving forward, creators will be able to host a Stars Party, a contest that could lead to attractive rewards for influencers if they reach their goal. Meta is also enabling creators to gain stars from other types of content formats such as photos and text posts.

Users will now be able to send gifts to content creators by using stars they have purchased via the Instagram app. The value of a star according to Meta’s official website is $0.01.

Social media and content-sharing platforms have been focusing more on rewarding content creators lately as TikTok has disrupted the industry by creating several mechanisms for influencers to monetize their work.

Traditionally, content creators were able to make money via ad-revenue sharing on platforms like YouTube. However, in platforms like TikTok, they can now incorporate product offerings from partners, promote their own merchandise via TikTok Shops, collect tips and gifts from their followers, and redirect users to subscription-based platforms such as Patreon and Twitch to gain access to exclusive content.

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