Meta Tests Tool to Trade NFTs on Instagram in the US
Instagram is testing a new tool to allow users to mint and trade non-fungible tokens (NFTs). The new feature is aimed at US-based creators and is part of its efforts to monetize content. Meta Platforms, the parent company of Instagram, announced the test in a blog post. The company also revealed some other features that it plans to add.
The tool is currently in beta testing and will be rolled out to more creators in the coming months. The idea behind the tool is to provide content creators with an additional way to reward fans for their work. It also enables users to send virtual gifts to creators and receive money from them. The tool is similar to the tool used by TikTok to reward its creators.
The company plans to expand the new tool to more creators and countries in the future. For now, it's only testing this feature for a small number of creators in the US. However, it hopes to expand the new feature to all creators around the world in the near future. Other features of the new tool include the addition of video to digital collectibles, support for the Solana blockchain, the Phantom wallet, and metadata enriched by OpenSea.
Instagram has also started testing a new way to monetize the Reels feature, known as Gifts. This feature would be useful for content creators and give them a way to make money from their Reels. It is similar to tipping tools on Facebook, which Meta recently expanded. Essentially, Gifts allow fans to send creators payments through their Reels.
Creators and collectors can also use this tool to showcase their NFTs. This will have a shimmer effect and will appear in the creator's profile. It is possible to share this tool with followers via their social media accounts and their social networks. This feature will automatically tag creators and collectors, subject to their privacy settings.
Instagram has been testing the new feature for a few months, but it is not yet ready for public use. However, the company plans to expand this feature to more creators around the world in the near future. The company hopes that users will take advantage of this new feature in order to monetize their Instagram accounts.
Creators are able to use NFTs as payment for their creations, but they must still pay for the platform's app store fees. Instagram does not yet reveal what the creator royalties model will be for NFT purchases. The company has also yet to reveal if the new tool will be available for the web version of the platform.