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Instagram Eyes Creator Economy With NFT Rollout
Meta headquarters (Justin Sullivan/Getty Images) Instagram’s NFT pilot is the first play in a creator monetization strategy that’s still taking shape.
Shortly after unveiling its “Digital Collectibles” product Monday, the Meta-owned social media platform signaled its interest in turning non-fungible tokens (NFTs) into a revenue stream for the creators catering to its billion-plus user base.
Figuring out how to leverage it is to be determined. At launch, Instagram’s NFT pilot will merely allow a handful of creators to share their digital art on the platform – no sales, trading, or fees involved.
Money will ultimately join the mix. In a job posting for Creator Blockchain Experiences on Monday, Instagram called for help to “define the strategy and roadmap for new blockchain-enabled creator monetization experiences.”
Creators could use blockchain tech “to build connections with their fans that are meaningful, monetizable and recognized anywhere,” the job post said. The product manager’s mission will be to help Instagram figure out how.
Jon Victor, who runs Web 3 and NFT strategy for crypto startup Protocol Labs, said that millions of users on Instagram and other social media platforms already sell merchandise and brand partnerships to their followers in the multi-billion dollar creator economy.Not everyone will want NFTs, Victor […]