Meta to Add New Monetization Features for FB and Instagram, Expand NFT Testing
- Meta plans on bringing new monetization features on Facebook and Instagram, launching a Creators’ Marketplace, and expanding its NFT tests.
Meta is planning on incorporating new monetization features in its subsidiary social sites Facebook and Instagram. The firm will also launch a creators’ marketplace, in addition to onboarding NFTs.
In a Facebook post dated June 21, Meta CEO Mark Zuckerberg explained that the new features would enable creators to generate more income from Meta’s affiliated platforms. In the list of its income-making tools are online events, paid subscriptions, badges, and bulletins.
Meta to Introduce New Income-Generating Features
For these services, Meta announced that it will not take any revenue cuts until 2024. This is an improvement from the earlier deadline of 2023. Even more, when the firm does implement a revenue share, it promises to set it at less than 30%.
“When we do introduce a revenue share, it will be less than the 30% that Apple and others take.”
To enable creators to keep track of their earnings, Meta will incorporate a payout interface in those social sites. There, creators can see how “different companies’ fees and taxes are impacting their earnings.”
On the other hand, the upcoming Reels Play Bonus program will enable creators to cross-share Instagram Reels on Facebook, granting them double monetization.
It is not yet clear how paid subscriptions will differ from the current private groups, other than the “paid” part.
Furthermore, Meta will be launching a Creators’ marketplace on Instagram. There, creators posting their content can get discovered and paid for the same. The marketplace will also be a platform for brands to engage with these creators of their choice. They can form partnerships, share project details, send deliverables, and even payments.
When it comes to a Creators’ Marketplace, rival platform TikTok beat Meta, having launched its extension in 2019. Competition between the two is therefore likely to go a notch higher with Meta launching a similar feature.
Venturing into NFTs
NFTs have also become a focus of the tech firm, having begun testing them on Instagram in early May. Zuckerberg now says Meta plans on extending the test to Facebook and Instagram Stories through SparkAR.
“We’ll bring this feature to Facebook soon too — starting with a small group of US creators — so people can cross-post on Instagram and Facebook.”
These announcements come as Meta makes research and developments in the Metaverse, aiming to become the best at it. But even then, the company’s alleged invasion of privacy continues to be a skeleton in its closet. Facebook whistleblower Frances Haugen said in April that Meta is about to repeat its ills in its metaverse project.