Mark Zuckerberg has big plans for non-fungible tokens (NFTs). This is not a secret. In March 2022, Zuckerberg said at a panel at the SXSW Festival that he planned to turn Instagram into an NFT marketplace. In May, he started keeping his promise. The social media site began testing NFT connections with a small group of users. Zuckerberg said at the time that Facebook would soon do the same. He also said that Facebook would soon have the same features.
It looks like the time may have come at last.
In a Facebook post from earlier today (June 21, 2022), Zuckerberg talked about how Facebook and Instagram want to “help innovators create for the metaverse.” In particular, he talked about a feature roadmap that showed the new features being added to the platforms to help artists make money from their work.
Zuckerberg started off by saying that Instagram would continue to test NFTs, which would let more artists show their crypto art on the site. Next, he said that Facebook would start its own NFT testing with a small group of innovative Americans. Zuckerberg says that once enough testing has been done, NFTs will be freed from users’ feeds and allowed to grow across platforms. SparkAR will make it possible to share NFTs on Instagram Stories.
Zuckerberg also said that the ability to cross-post would get a big boost. Soon, more Facebook creators will be able to join the Reels Play Bonus program and cross-post their Instagram Reels to Facebook, where they can be monetized. He also said that users would be able to post their NFTs on Instagram and Facebook at the same time.
And, most likely most importantly, the Instagram Market will finally start working. Zuckerberg said that the “Creator Marketplace” part of Instagram is being tested. There, artists will have the chance to “get noticed and paid,” and companies will be able to “talk about new opportunities for relationships.”
NFTs are being tried out on more social media sites than just Facebook and Instagram. In January 2022, Twitter made a way for users to validate their NFTs and turn them into profile pictures. But Zuckerberg’s plans stand out because he’s not just interested in letting users show NFTs. He wants people to sell things on his sites. In this way, all of these NFT features are based on commercialization, which means giving producers more ways to make money.
Facebook and Instagram will also get a piece of the pie, for sure.
In a blog post from April 11, Meta talked about new features for its virtual reality game Horizon Worlds. In the article, the company said that producers will be able to sell digital items and that Meta would get 47.5% of all sales. Most NFT markets, on the other hand, only take about 2.5 percent of each transaction. Obviously, Meta’s prices provoked uproar.
In today’s article, Zuckerberg tried to calm some of these worries by saying that Instagram and Facebook creators shouldn’t worry about this for now. The platforms won’t start taking a cut of the money artists make until 2024.