Technology conglomerate Meta Platforms, introduced on November 3, 2022, several creator updates on social networking service Instagram (IG). The photo and video sharing platform will soon allow artists to mint and sell Non-Fungible Tokens (NFTs) to their fans.
The team will offer the new features to a few select creators as part of the initial testing phase. According to reports, Meta is already planning to add more artists in the coming weeks.
“Digital collectibles allow me to create niche communities within my larger community, micro-economies that help to fund and power my creative craft,” Brooklyn-based photographer/social media consultant Dave Krugman said. “Instagram was a catalyst in my creative career. It decentralized the publishing of imagery, much like the printing press did for the written word. It changed everything for me, and this next step is a clear continuation of that decentralization of access and engagement with our audiences.”
Instagram Creator Updates
Here’s what we’ve learned about the recent updates on the photo and video-focused platform.
- Instagram will soon allow creators to create NFTs and sell them directly to fans, either on the platform, or other digital asset marketplaces. IG will offer access to NFT creation and showcasing tools. To enable this feature, Meta has partnered with Ethereum Layer-2 (L2) solution/ecosystem Polygon.
- Instagram users will be able to purchase NFTs using the app on iOS and Android operating systems. Meta has clarified that the platform will not take a cut from artist/creator revenues.
- The initial testers include US-based NFT creators Amber Vittoria, Dave Krugman, Eric Rubens, Isaac ‘Drift’ Wright, Ilse Valfre, Jason Seife, Olive Allen, Refik Anadol, Sara Baumann, and Vinnie Hager. Instagram plans to expand the feature to more countries in the near future.
- The platform will also add support for the Solana blockchain and crypto/NFT wallet Phantom. Other protocols and wallets that Instagram has integrated include Ethereum, Polygon, Flow, MetaMask, Coinbase Wallet, Dapper Wallet, Rainbow, and Trust Wallet.
- Meta also plans to introduce “gifts” on Instagram. The platform will utilize its reels feature to allow creators to earn money through their followers. Basically, fans can purchase “Stars” on IG, which will allow them to send gifts to their favorite creators.
- Lastly, Instagram will also add OpenSea-supplemented metadata for select collections. Essentially, the platform will include vital NFT information such as collection name and descriptions.
Digital Collectibles Feature
In late September, Meta introduced NFT sharing features on Instagram and Facebook. The new offering allowed users to connect their digital wallets and display their digital collectibles.
“Today we’re announcing that everyone on Facebook and Instagram in the US can now connect their wallets and share their digital collectibles,” Meta stated. “Additionally, everyone in the 100 countries where digital collectibles are available on Instagram can now access the feature.”
Meta Platforms Inc., or “Meta,” is a technology conglomerate that owns popular social media platforms such as Facebook, Instagram, and WhatsApp. Formerly known as Facebook Inc, the company is one of the Big Five American tech giants alongside Alphabet, Amazon, Apple, and Microsoft.
Internet entrepreneur and billionaire Mark Zuckerberg is Meta’s co-founder, chairman, chief executive officer, and controlling shareholder. In early August, news of the CEO’s Little League baseball card that he created in 1992, went viral on the internet. Subsequently, the sports memorabilia were auctioned off as NFTs on September 24, 2022.
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