Info-tech

Allows creators to leverage new tools for additional income

Instagram is beginning to test digital collectibles with a handful of United States creators and collectors who will be able to share Non-Fungible Tokens (NFTs) they have created or purchased on the platform.

Starting this week, select creators and collectors can share their digital collectibles on Instagram, the social media major has announced.

This means you will be able to connect your digital wallet and choose which NFTs you’d like to share.

We’ve updated our security features to protect your account and wallet when you connect. And there will be no fees when you post or share NFTs on Instagram.

— Instagram (@instagram) May 10, 2022

Creators can now “leverage new tools to earn income, and fans can support them by purchasing digital collectibles – art, images and videos, music or trading cards – as non-fungible tokens (NFTs),” it said in a blog post.

“At Meta, we’re looking at what creators are already doing across our technologies in order to improve the experience, help them create more monetisation opportunities, and bring NFTs to a broader audience,” it said.

Stored digitally

The test includes updates that will allow creators and collectors to connect a digital wallet, share digital collectibles and automate tagging.

Once a digital wallet is connected, creators and collectors will have the ability to choose which NFTs they would like to share on Instagram.

Once a creator or collector posts a digital collectible, it will have a shimmer effect. They can display public information with the collectible, such as a description of the NFT. Posts will also be visible on their profile.

Further, the creator and collector can be automatically attributed in the digital collectible post, subject to privacy settings.

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“We collect and organise public data from open blockchains like Ethereum to provide this feature. From this public blockchain data, we identify which collectibles belong to collectors and creators when they connect their third-party wallets to Instagram,” it explained. 

It will support blockchains Ethereum and Polygon, with Flow and Solana coming soon.

Compatible third-party wallets include Rainbow, MetaMask and Trust Wallet, with Coinbase Wallet, Dapper, and Phantom coming soon. There will be no fee associated with posting or sharing a digital collectible on Instagram, it said.

In a bid to maintain safety, users can report digital collectibles which go against community guidelines.

“In addition, we understand blockchain technology and NFTs raise important questions on sustainability. Meta will help reduce the emissions impact that might be associated with the display of digital collectibles on Instagram by purchasing renewable energy,” it said.

It further said it will expand access to digital collectibles soon, bringing the benefits of NFT ownership to even more creators and collectors. 

Currently, digital collectibles are being tested with these accounts: @adambombsquad, @bluethegreat, @bossbeautiesnft, @c.syresmith, @cynthiaerivo, @garyvee, @jenstark, @justmaiko, @maliha_z_art, @misshattan, @nopattern, @oseanworld, @paigebueckers, @phiawilson, @swopes and @yungjake.

NFTs on Facebook

The social media major will expand NFTs to Facebook soon.

“Across Meta, we will continue listening to feedback as we embark on this new area of investment for the company. Soon, we’ll be rolling out digital collectibles on Facebook, and allow people to display and share their digital collectibles as AR stickers in Instagram Stories,” it said.

“Over the coming months, we will explore additional features to provide further benefits of this technology to creators and collectors,” it further added.

Published on May 11, 2022