The metaverse has been synonymous with NFTs and crypto so it's only fitting that Meta themselves get in on the NFT train. Despite a major crash that made NFTs less desirable, Facebook will soon be home to these pieces of “art” as Meta tests the waters to see if any customers will bite.
NFTs on Facebook and Instagram
Facebook announced that they are adding more ways for creators to make money, which includes digital collectibles like NFTs. In addition to NFTs coming to Facebook, the blog also states that they will also be coming to Instagram in the near future.
“We’re adding several more ways that creators can make money on our platforms, and expanding our test of digital collectibles, like NFTs, on Instagram as we build for the metaverse.”
The company claims that this will be a way for creators to make money since they won’t be taking fees for this until January 2024. No news has been released on how the company will monetize these ventures in 2024, though an announcement will likely be made before the start of 2024.
NFT enthusiasts will be able to buy and sell these pieces of “art” through Facebook Stars, which is now open to all eligible creators. However, not just anyone can start selling their NFTs as Meta has requirements for these artists to fulfill so they can make money and start selling these.
Below are the following requirements needed for Facebook Stars eligibility:
- At least 1,000 followers through the last 60 days
- In one of these markets: Argentina, Australia, Belgium, Brazil, Canada, Chile, Colombia, France, Germany, India, Indonesia, Italy, Malaysia, Mexico, New Zealand, Peru, Philippines, Portugal, Spain, Taiwan, Thailand, United Kingdom, United States
- Compliance with Facebook’s Partner Monetization Policies and Content Monetization Policies
In addition to all of this, Meta is also working on ways for creators to make money off crossposted reels on Facebook and Instagram. They announced a label called “Paid Partnerships With…” which will allow creators to make money through brands they’ve partnered up with.
Overall, despite the big crash, it seems that the NFT scene is thriving.