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Instagram introduces an NFT feature

It’s finally happening. Meta announced that creators on Instagram will soon be able to create their own NFTs and sell them directly to fans, both on and off Instagram. ‘Link in bio to purchase my collectibles’. 

With this update, creators will have access to a toolkit that will help them create, showcase and sell NFTs. Polygon is the first partner that Meta has chosen for this feature. Meta says the process will take place via traditional in-app purchases across iOS and Android. 

The best news? Instagram is not taking a cut of the creators’ revenues – for now. Meta is testing this new feature with a small group of creators in the U.S. and plans to expand it to more countries in the future.

Instagram is also adding support for the Solana blockchain and Phantom wallet, which join the blockchains and wallets that it already supports, including Rainbow, MetaMask, Trust Wallet, Coinbase Wallet, Dapper Wallet, Ethereum, Polygon and Flow. In addition, information for select collections where the metadata has been enriched by OpenSea, such as collection name and descriptions, will now be available on Instagram.

In addition to the NFT news, Instagram is also expanding access to subscriptions to all eligible creators in the U.S. The subscription feature will essentially enable creators to offer their followers paid access to exclusive Instagram Live videos and Stories. Subscription accounts will be differentiated with a special badge. 

Meta also announced that Facebook is increasing access to Stars, which let creators earn money directly from followers on Reels, live and video on demand. Facebook is also going to start testing automatic onboarding for creators, which means that the ability to send stars will automatically appear on their content. Facebook is also bringing Stars to non-video content, such as photos and text posts.

For creators who are already using Stars, Facebook is bringing Stars Party to reels. A Stars Party is a Stars community challenge that ends in a celebration if the creator reaches their goal, Meta says.

It seems that creator monetisation is the word as Meta also announced that it’s introducing gifts on Instagram, starting with reels, to give creators a new way to earn money from their fans. The new feature lets fans send gifts on reels by purchasing Stars within Instagram. Meta is testing this feature with a small group of creators in the U.S. first, and plans to expand it to more creators soon. Clearly Meta sees the potential in a new revenue stream that comes from things like creator subscriptions.

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