UPD: Meta Tests Minting and Selling NFTs on Instagram
Meta recently announced that it has started testing minting and selling NFTs on Instagram with a small group of creators in the US along with expanding its NFT showcase feature.
Meta recently announced that it has started testing minting and selling NFTs on Instagram with a small group of creators in the US along with expanding its NFT showcase feature. The new digital collectibles toolkit will allow people to create NFTs on Polygon blockchain and then sell them either on Instagram or off platform.
From now on showing off NFTs created on the Solana blockchain is also possible in addition to Ethereum, Polygon, and Flow that are already supported. Moreover, users can display some metadata from OpenSea, similar to what Twitter does with the NFT profile pics.
Meta is also expanding its professional mode which gives you access to tools and monetisation options, such as its Stars virtual currency tipping system. Stars are used to purchase gifts (basically, money) that users can send to their favourite creators while watching their reels. However, this function will be available only to selected US creators for now. This clearly shows that Meta is trying to let creators make money on Instagram and jump on the bandwagon of TikTok’s popularity among the young, as this system looks similar to TikTok’s Coins and Gifts, and also to YouTube's Super Thanks feature. We continue to observe.
