Meta announces new updates that will be rolled out soon on both of its social media platforms, Facebook and Instagram. The new features focus on subscribing and purchasing NFTs and Facebook Stars.
This was announced during the Creator Week Conference, which will run until November 7th. The conference consists of online and in-person events that will be happening in some cities including Los Angeles, London, Bali, and Delhi.
HANOVER, GERMANY - JUNE 12: The Instagram and Facebook logos are displayed at the 2018 CeBIT technology trade fair on June 12, 2018 in Hanover, Germany. The 2018 CeBIT is running from June 11-15. (Photo by Alexander Koerner/Getty Images)
Alexander Koerner/Getty Images
(Photo : Alexander Koerner/Getty Images) HANOVER, GERMANY - JUNE 12: The Instagram and Facebook logos are displayed at the 2018 CeBIT technology trade fair on June 12, 2018 in Hanover, Germany. The 2018 CeBIT is running from June 11-15.
NFT on Instagram
Engadget reported that Meta will bring NFTs on Instagram as the company allows creators to make and sell non-fungible tokens directly on Instagram. Before this update, users were only able to just show their digital collectibles. Through this new update, users can utilize the platform to make and sell NFTs for their fans and followers without using third-party applications.
Even though this update is the first time for the platform to try competing with other NFT marketplaces, this was not Instagram's first time revamping its commerce features.
Meta clarified that the company will not be taking a cut of sales from users until 2024. However, a 30% deduction will be cut to it for app store fee purposes. As per the report, setting up a commission rate is also possible for their work resales that range from 5% to 25%.
Facebook Stars Going Professional
Meanwhile, Meta also introduced new updates for Facebook. Based on a report from 9To5Mac, the platform is expanding its features and access to its Stars. These are virtual items that users have to purchase to give or reward their favorite streamers during live streams.
For the update, Facebook Stars will now be expanding outside the live streaming of Facebook as users can now reward these virtual items to other content on the platform such as a photo, text posts, and a video. Meta stated that this will be labeled as "Professional Mode for Facebook Profiles" and will be available to everyone in the world who wants to be a creator.
As of the moment, these new features for Facebook and Instagram are temporarily accessible to a small group of users in the United States. Expect these tools to roll out soon to more countries in the coming days.
Although for the NFT features, the report stated that it is now available worldwide. Meta will also be adding protection support for the Solana blockchain and Phantom wallet, as well as enabling NFT videos in their profiles. OpenSea metadata will also be added that can be accessed through "select collections" in the app.
These updates came from Meta's efforts as they push the company to become a platform where creators can earn money with the features that they are offering.
