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After the negative earnings report, Meta plans to do more. In this case, by leaning on NFTs and allowing the creators to engineer themselves on Instagram.
Instagram users will be able to create their own “digital collectibles,” which is Meta jargon for NFTs, to sell on and off the social media platform, according to a blog post from the company. main. See, in May, Instagram announced its “Digital Collection” system to display NFTs on posts. So don’t get me wrong, it’s just creating NFTs but the terms are different.
“They have an end-to-end toolkit – from creation (starting the Polygon blockchain) and presentation, to sales,” the blog post continued. “People can easily support their favorite creators by selling their digital collections directly in Instagram. We are testing these new features with a small group of creators in the United States at first, and hope to expand to other countries soon.
Meta announced that it is adding support for the Solana blockchain and the Phantom wallet. Meta has been adding support for other blockchains and wallets since it released the feature before the big NFT crash of the summer. OpenSea adds information such as collection names and descriptions to Instagram.
What is not clear is if there is a cost to creating new NFTs. Introducing a free, or very competitively priced, way to create NFTs on a mainstream social media app will likely introduce new “digital collections” created just for creation. Considering how harmful NFTs are to the environment, they may have far more implications than jumping on the digital Beanie Babies of the 2020s.
It’s also unclear how much of a cut Meta will take if NFTs are sold on its platform, or if there will be a fee for creating tokens. And if people deal with NFTs in the hope of making a profit from the sale it is unlikely to happen and that is not good for users’ real world finances.
Oh, and Instagram has “borrowed” another feature from other social media apps as well. This time through the addition of subscriptions, “Stars,” and “Donations.” Subscriptions have been used everywhere from Substack, to Patreon, to OnlyFans, and The Right see the similarities between “Stars and Gifts” and TikTok’s “Money and Gifts” and YouTube’s “Special Thanks”. Twitter also has “Super Follows” – for now, anyway.
Photo credits: Meta
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