The parent company of Facebook, Target (NASDAQ:FB)has been working for a while to bring non-fungible tokens (NFT) to your Instagram platform. In a long thread on Tuesday, June 21, Meta boss Mark Zuckerberg discussed the introduction of new monetization tools for creators on Facebook and Instagram.
It seems that Meta is taking a leaf out of YouTube’s strategy to reward creators in a better way. Interestingly, the social media giant also plans to postpone any revenue sharing from creators until 2024.
This will include paid subscriptions, online events, newsletters, and badges. Facebook extended an additional year for its decision to give creators more revenue, from the previous deadline of 2023. This big Meta step will put more money directly into the pockets of creators. In one of his announcements earlier this month, Zuckerberg said:
When we introduce a revenue share, it will be less than the 30% that Apple and others take. We’re also rolling out a new checkout interface so creators can see how fees and taxes from different companies are affecting 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 differ from existing Private Groups.
In addition, Facebook will soon open the Reels Play Bonus program for more creators. This will allow creators to publish their Instagram Reels on Facebook and also monetize on this platform.
NFT Digital Collectibles & Creators Marketplace
Facebook is doing everything it can to help the creator community thrive even more. Zuckerberg said they will launch the creator marketplace on Instagram, where they can be easily discovered and paid. Additionally, brands can also share new partnership opportunities with creators in this market. In the marketplace, brands can interact with the creators of their choice and submit project details, deliverables, and payments.
Here, Facebook and Instagram seem to be taking a leaf out of their competitor TikTok. The TikTok video app has its own creator marketplace that serves as an internal influencer marketing platform. The launch of a similar feature by Meta will further raise the level of competition between the two rivals.
Zuckerberg also said that the company is expanding its test for NFTs and plans to bring them to Facebook as well. In your announcement yesterday, added:
We’re expanding our test so more creators around the world can show off their NFTs on Instagram. We’ll soon be bringing this feature to Facebook as well, starting with a small group of creators in the US, so people can cross-post on Instagram and Facebook. We will also be testing NFT on Instagram Stories with SparkAR soon.
Overall, it appears that Facebook is beefing up and supporting creators on its platform as it makes a major change to metaverse.