Instagram to allow creators to make and sell NFTs on the platform
As of now, the platform won't be taking a cut out of the creators' revenues through the sale of NFTs
Meta has announced some key updates to its photo-sharing platform Instagram and social media site Facebook that will enable creators to make money through Non-Fungible Tokens or NFTs.
Creators can now make their own NFTs and sell them directly to the fans both on and off the platforms. They can do so with a toolkit that can help them create, feature and sell the NFTs.
As part of the launch, Meta has rolled out the service only to a select number of creators like Amber Vittoria, Dave Krugman, Refik Anadol, Isaac 'Drift' Wright, Olive Allen, Ilse Valfre, Vinnie Hager, Jason Seife and Eric Rubens. Reports say that the toolkit will be made available to more content creators in the coming weeks.
Users can buy the NFTs directly from the app through in-app purchases across iOS and Android. Instagram won't be taking a cut from the creators' revenue as of now.
The service is available to a select group of creators in the US after which the company plans to take it to more countries in the future.
