Instagram’s Non-Featured Tokens (NFT) pilot project is the first step in its “Content Monetization” strategy. Although the plan is still in its early stages, Instagram hopes that with millions of content creators and billions of users, it can turn NFTs into a significant source of revenue.
According to CoinDesk, Instagram, the social network owned by Meta (formerly Facebook), announced on Monday, after unveiling its “digital collections”, that it plans to make NFTs a source of income for the producers of the platform, which has more than one billion users. has, convert
Instagram has not explained how to use this plan. After the launch of the program, Instagram only allows a limited number of content creators to share their digital art on the platform. In addition, artists cannot sell or trade their artwork, and they will not be paid a fee for publishing their products.
It should be mentioned that after the trial period, the money (buying and selling process) also enters the cycle of this plan. On Monday, Instagram posted a job ad for a blockchain expert. According to this advertisement, the mentioned person is supposed to help Instagram in explaining the strategy and roadmap for creating new ways of earning money based on blockchain technology.
According to this job advertisement, content producers can use blockchain technology to create targeted and profitable communication with their fans. The task of the product manager of this project will be to help Instagram to build such a relationship.
Jon Victor, Web 3.0 and NFT strategist at Protocol Labs, a startup, said that millions of users on Instagram and other social media platforms now trade their goods and services in a multi-billion dollar business cycle. They sell dollars to their followers.
He cautioned that not everyone is looking for NFTs. He points to the negative reaction of Ubisoft gamers and the company’s failed entry into the world of NFTs earlier this year. This incident can partially explain the reason for the limitation of content producers in the trial plan of Instagram.
It is likely that a small number of proponents of content creators will be on board with the topic of NFTs. Of course, considering the hugeness of Instagram and the number of its users, this plan is still a great business proposition for Meta and its creators.
Referring to the NFT market profile picture (PFP Market), Victor said:
You see organized communities forming around NFTs; So it makes sense to extend this idea to content creators who are building their own communities.
Instagram did not provide further explanation regarding the earning of money through non-like tokens on this platform and only mentioned the recent words of Mark Zuckerberg, the CEO of Meta. Zuckerberg said a while ago that Instagram should promote different ways that content creators can earn money. According to him, the issue of NFTs can be one of these methods.
In recent months, the high-ranking heads of Meta have paid special attention to the slogan “Priority with content producers”. In a recent call in April, Zuckerberg emphasized the need for creative plans to make money and differentiate Instagram from other platforms.
Adam Mosseri, director of Instagram, said in the video introducing this initiative:
One of the most challenging issues we need to solve as an industry is how to help content creators make a living doing what they love.
Musari explained that not everyone is going to use digital collections. According to him, only a subset of content producers who want it can take advantage of this opportunity and turn it into a useful and suitable way to earn money.
One of these content producers is a street artist known on social media as Masnah.eth. To make money, he paints huge profile pictures in NFT format for his clients on the side of buildings and shares them on Instagram.
The artist is still not sure if he wants to enter the NFT-based economy of Instagram. He says it is still impossible to predict how the plan will play out. For this reason Masna He said on his Twitter that it is still too early to comment on generating income from this method and he needs to do more research in this field.
However, he, who sells his street art as NFT, is still not convinced about monetizing non-homo tokens on Instagram.
He continues to say:
I don’t know why I have to participate in this plan (earning from heterosexual tokens) of Instagram. It doesn’t really make sense to me.
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