Starting this week, Instagram is bringing a new monetization opportunity for its users. The company has announced that it will now offer a feature that will enable creators to generate money and fans to extend support to their favorite creators by getting their hands on digital collectibles such as art, images, videos, music, or trading cards, as non-fungible tokens (NFTs).
Commenting on the latest monetization opportunity, the company stated:
Creators are using new technologies like NFTs to take more control over their work, their relationship with their fans, and how they can monetize. At Meta, we're looking at what creators are already doing across our technologies in order to improve the experience, help them create more monetization opportunities, and bring NFTs to a broader audience.
From now on, the company will allow select creators and collectors to share digital collectibles on Instagram that they have created or bought. Posting or sharing NFTs on Instagram will incur no fee. The select accounts with access to the digital collectibles feature include @adambombsquad, @bluethegreat, @bossbeautiesnft, @c.syresmith, @cynthiaerivo, @garyvee, @jenstark, @justmaiko, @maliha_z_art, @misshattan, @nopattern, @oseanworld, @paigebueckers, @phiawilson, @swopes, and @yungjake.
The feature offers:
Connecting a digital wallet. Once connected, creators and collectors will have the ability to choose which NFTs from their wallet they would like to share on Instagram.
Sharing digital collectibles. Once a creator or collector posts a digital collectible, it will have a shimmer effect and can display public information, such as a description of the NFT. Posts will also be visible on their profile.
Automatic tagging of both the creator and collector. The creator and collector can be automatically attributed in the digital collectible post (subject to their privacy settings).
In order to provide this feature, Instagram mentions that it employs public data from open blockchains like Ethereum. Currently, only Ethereum and Polygon are among the blockchains that are supported. Support for Flow, and Solana will also be arriving soon. Supported third-party wallets include Rainbow, MetaMask, and Trust Wallet. Coinbase, Dapper, and Phantom will join the supported third-party wallets soon.
Reiterating its commitment to sustainability, the company mentions that Meta will purchase renewable energy to aid in lowering the emissions impact that might be associated with the displaying of digital collectibles on Instagram. Instagram users can also report digital collectibles that go against its community guidelines.