Business Standard

Meta to test ways to make & sell NFTs on Instagram to both fans, collectors

Meta has announced to test ways to buy and sell non-fungible tokens (NFTs) to fans and collectors both on and off Instagram

The hearing follows reporting by the Wall Street Journal that Facebook understood the negative effects its photo-sharing app, Instagram, has on young users, including anxiety, depression and suicidal thoughts, and yet downplayed the research.

IANS San Francisco
Meta has announced to test ways to buy and sell non-fungible tokens (NFTs) to fans and collectors both on and off Instagram.
With the intention of shortly expanding to more nations, Meta is testing the new feature with "a small group of creators in the US".
Users can buy digital collectibles of their favourite creators directly from Instagram to support them, the company said in a blogpost.
Additionally, Meta has expanded the list of digital collectibles that users can showcase on Instagram to include video and added support for the Solana blockchain and Phantom wallet.
"We're making it easier for people to show appreciation for their favourite creators across our apps, which helps creators strengthen their community and build their business," it said.
The tech giant has also expanded access to subscriptions on Instagram to all eligible creators in the US, so that more creators can generate consistent income and build closer relationships with their most devoted followers.
Additionally, Meta had introduced gifts on Instagram, starting with Reels, so that the creators can earn money from their followers.
Followers can purchase 'Stars' directly from Instagram to send gifts and support their favourite creators on Reels, the company said.
Earlier, Meta had rolled out new features on Instagram to protect users from abuse, along with updates to Hidden Words.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Nov 03 2022 | 10:44 AM IST

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