American Technology company Meta has announced that it will start testing Non-fungible tokens (NFTs) on its social media company Instagram using its augmented reality studio tool Spark AR.
NFTs on Instagram and Facebook
According to the announcement by the social media giant, it aims to expand its test “so more creators around the world can display their NFTs on Instagram” and allow them “to earn money” on the platform.
CEO Mark Zuckerberg confirmed that Facebook is also planning to support NFTs in the future. He stated:
“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.”
The company said that creators and collectors “will be able to share their digital collectibles across Facebook and Instagram” following the rollout of the feature on Facebook with select US creators at a later date.
A new digital product
Meta also brings Facebook Stars, a digital product that users can buy and send to support creators, for all eligible creators on Facebook Live, on-demand videos. According to the announcement, Facebook Stars would soon be available on Facebook Reels. However, there are several eligibility criteria a creator must meet to receive Stars from their fans.
One has to have at least 1,000 followers through the last 60 days and should be one of these markets: Argentina, Australia, Belgium, Brazil, Canada, Chile, Colombia, France, Germany, India, Indonesia, Italy, Malaysia, Mexico, New Zealand, Peru, Philippines, Portugal, Spain, Taiwan, Thailand, the United Kingdom, or the United States. Creators should also be complying with Partner Monetization Policies and Content Monetization Policies to receive Stars from users.
The company is expanding its Stars on Reels test and will encourage hundreds of thousands more producers to use Stars on Reels in the upcoming months in addition to Facebook Live and on-demand video.