- Meta chief Mark Zuckerberg announced key measures to support creators on the Facebook and Instagram platform as they transition towards the Metaverse.
- Meta will allow creators to display NFTs on Instagram as well as Facebook. The company will first test NFTs in Instagram Stories with SparkAR soon.
Facebook’s parent firm Meta (NASDAQ: FB) has been working for a while to bring non-fungible tokens (NFTs) to its Instagram platform. In a long thread on Tuesday, June 21, Meta chief Mark Zuckerberg talked about introducing new monetization tools for creators on Facebook and Instagram.
It seems like Meta is drawing a leaf from YouTube’s strategy to reward creators in a better way. Interestingly, the social media giant also plans to hold off on any revenue sharing from creators until 2024.
This will include paid subscriptions, online events, bulletins, and badges. Facebook has extended an extra year for its decision to give more revenue to creators, from the earlier deadline of 2023. This huge step from Meta will put more money directly in the pockets of creators. In one of his announcements earlier this month, Zuckerberg said:
When we do introduce a revenue share, it will be less than the 30% that Apple and others take. We’re also launching a new payout interface so creators can see how different companies’ fees and taxes are impacting their earnings.
Facebook announced that creators will be able to give their subscribers access to subscriber-only Facebook Groups. It will be interesting to know more about it and how it will be different from the existing private Groups.
Furthermore, Facebook will be opening up the Reels Play Bonus program for more creators soon. This will allow creators to cross-post their Instagram Reels on Facebook and also monetize on this platform.
Creators’ marketplace and NFT digital collectibles
Facebook is going all-in to help the creators’ community thrive further. Zuckerberg said that they will be launching the Creators’ marketplace on Instagram wherein they can easily get discovered and paid. Besides, brands can also share new partnership opportunities with creators in this marketplace. In the marketplace, brands can interact with creators of their choice, and send project details, deliverables, as well as payments.
Here, Facebook and Instagram seem to be drawing a leaf from their competitor TikTok. Video app TikTok has its own creator marketplace which serves as an in-house influencer marketing platform. Meta launching a similar feature will further raise the competition bar between the two rivals.
Zuckerberg also said that the company is expanding its test for NFTs and planning to bring them to Facebook as well! In his yesterday’s announcement, he added:
We’re expanding our test so more creators around the world can display their NFTs on Instagram. We’ll bring this feature to Facebook soon too — starting with a small group of US creators — so people can cross-post on Instagram and Facebook. We’ll also test NFTs in Instagram Stories with SparkAR soon.
All-in-all, it seems like Facebook is bolstering and providing assistance to creators on its platform as it makes an important shift to the Metaverse.
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