Soon, creators on Instagram will be able to mint and sell NFTs. Since Meta is still currently testing the new feature, only a small group of creators in the US can utilize it, as per The Verge.
Meta announced during its Creator Week event that it's testing minting and selling NFTs in Instagram. The new feature will allow creators to mint and sell NFTs like on regular NFT marketplaces.
Meta's announcement is part of a news detailing a number of ways creators can make money on the platform.
Instagram Will Expand its New Feature to More Creators Soon
Since last year, Meta has been experimenting with NFTs on Instagram and Facebook. However, for over some time, users of the platform have only been able to show off their digital collectibles.
According to Engadget, with the latest announcement, users will find an "end-to-end toolkit" in the platform that will allow them to make NFT collections. Creators will then be able to sell them to their fans and followers.
For quite some time, Instagram has been elevating its commerce features for creators. However, this new announcement is the first time the platform attempted to compete directly with already established NFT marketplaces.
According to Meta, the company will not take a cut of the creators' NFT sales until 2024. However, there will be a 30 percent deduction from sales for the app store fees.
There is also an option for creators to set a commission rate for those who will resale their work. The commission ranges from 5% to 25%.
Meta said that the company has plans to expand the new feature of minting and selling NFTs to more creators and countries in the future.
For now, the company has decided to update other more widely available NFT features. To benefit collectors, the company just added support for the Solana blockchain and Phantom wallet.
Moreover, Meta just enabled video NFTs in profiles in Instagram. For select collections, the platform added OpenSea metadata.
Read Also: Meta Adds NFT Support to Facebook, Instagram
Instagram Introduces New Features that Would Help Creators Make Money
In addition to the new feature concerning NFTs, Instagram is also testing other new features that would help creators make money on the platform.
The company just announced on Monday that it decided to expand the rollout of professional mode. This mode gives a user access to some tools and monetization options. One of which is the Stars virtual currency tipping system.
Another addition to Instagram's feature is something called gift. With this, fans will be able to send money to a creator while they are watching Reels. This new feature is currently being tested with select US-based creators.
If "gift" appears familiar to you, that is because it seems to have similarities with TikTok's Coins and Gifts monetization scheme, and YouTube's Super Thanks feature.
According Adam Mosseri, the head of Instagram, Instagram is not a photo sharing app anymore. Instead, it is an entertainment app.
With this, The Verge notes that creators as entertainers need to make money. Now, making money can be through sharing ad revenue, or by selling NFTs.
With its new gift feature, it can be through fans directly sending them money in the form of gifts, coins, or stars.
Related Article: Mark Zuckerberg Makes It Official: NFTs Coming to Instagram
