Published on: 03/11/2022
Meta working on NFT trading, minting tools for Instagram
Meta, Instagram’s parent company, announced during its Creator Week event that it was working on an “end-to-end toolkit” for NFTs to allow users to create and promote NFTs on the platform.
Since last year, the company has been dabbling with NFTs on Instagram and Facebook. However, Instagram users have only been able to display their “digital collectibles.” According to the company, meta’s digital collectibles toolkit will allow users to create NFTs on the Polygon blockchain and then promote them on Instagram or elsewhere.
When it comes to showcasing NFTs bought elsewhere, the firm claims users can now display NFTs from the Solana blockchain, in addition to the Ethereum, Polygon and Flow blockchains already supported by the toolkit. It allows users to display some OpenSea metadata, similar to how Twitter handles the NFT profile photos feature.
Tested on a few US-based creators
As with many traditional NFT marketplaces, the feature will initially be available to a few creators in the United States. “A small group of creators will soon be able to create digital collectibles (NFTs) and sell them right on Instagram,” Meta head of commerce and fintech Stephane Kasriel said.
Photographers DrifterShoots and Dave Krugman, visual artist Ilse Valfré and artist Amber Vittoria are among those chosen for early access to the new Instagram NFT features. Vittoria told the media via Twitter that she was pleased that Instagram was continuing its push into NFTs.
“Meta and Instagram are consistently finding new and innovative ways to help creators support themselves and their art practice,” Vittoria said.
Krugman also expressed enthusiasm for the new tools, claiming that NFTs created a financial connection between the creator and the collector, which aligned with their objectives.
“When someone owns a digital asset that I created, the value of that asset is tied to my own creative success. Thus, our incentives are aligned at a deep level — we share a common goal, and that creates a healthier connection between the community and the creator,” he said.
Instagram no longer a photo-sharing app
Instagram boss Adam Mosseri said that Meta saw Instagram as entertainment rather than a photo-sharing app. So entertainers and creators can earn a living through the platform, whether through traditional methods like ad revenue or by marketing NFTs and allowing them to receive money in the form of gifts, coins or stars from fans.
It announced on Monday that the platform was expanding the availability of the professional mode, which grants access to specific tools and monetization choices such as its Stars virtual currency tipping system, which is also still in the works.
A new Instagram function called gifts is starting to be introduced. It enables fans to transfer funds to a creator while viewing one of their Reels. The gifts are purchased with Stars and appear similar to TikTok’s Coins and Gifts monetization scheme or YouTube’s “Super Thanks” feature.
Meta is also testing paid Instagram subscriptions to all US creators. Their followers can now pay for Instagram Live videos and Stories. Subscribers also receive a special badge, allowing them to stand out in the comment thread and the creators’ inboxes.
“Our strategy for Web3 technologies—including blockchain—is focused on helping creators make a living,” Kasriel said. “We believe Web3 tech, like blockchain, will positively enhance the economic model for creators by allowing them to create new types of digital assets to monetize.”
However, Kasriel also believes that the crypto space is swamped with “complex experiences” that impede mass adoption.
“There needs to be a much simpler user experience,” he said.