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Meta Will Integrate NFTs to Boost the Creator Economy on Social Media
Published Jun 28, 2022 03:37AM ET
Updated Jun 28, 2022 04:30AM ET
Meta Will Integrate NFTs to Boost the Creator Economy on Social Media
Recently, Meta announced that it was working to expand on the ways in which creators can earn money through Facebook (NASDAQ:META) and Instagram. The company has emphasized investment into Web 3.0 technologies as a crucial part of the company’s long-term commitment to creators, claiming that it will lay the foundations for building a metaverse.
The company will soon begin testing NFTs on Instagram Stories using its augmented reality platform, ‘Spark AR’.
Integrating NFTs into Social Media
Recently Meta announced that it was working to expand the ways in which creators can earn money through Facebook and Instagram. The company emphasized that investing in Web 3.0 technologies was a crucial part of the company’s long-term commitment to creators, claiming that it will lay the foundation for building a metaverse.
With the multitude of success stories involving artists sharing their NFTs with their online communities on social media, Meta is on the cusp of beginning digital collectibles tests across their platforms as “a brand-new way for consumers and creators to share NFTs on Instagram.”
As the corporation’s first step, NFTs will be integrated into Instagram stories using Meta’s augmented reality platform Spark AR, with Facebook set to support NFTs in the future. The company claims that there will be no fees to post or share a digital collectible on Instagram, at least until 2024.
Building a Metaverse Standard
Meta has stressed the importance of building a standard body within the metaverse. Together with other tech giants such as Adobe (NASDAQ:ADBE), Epic Games, Microsoft (NASDAQ:MSFT), Nvidia (NASDAQ:NVDA), and Qualcomm (NASDAQ:QCOM), Meta intends to build the next iteration of the web, and develop a shared ethos for both Web 3.0 and the Metaverse; this would also promote interoperability, a crucial aspect of the Metaverse ideal.
Meta is following the footsteps of Twitter (NYSE:TWTR), which integrated NFTs back in January. Twitter’s approach to NFTs was to allow users to link their Ethereum-based wallets to their accounts, thereby enabling them to display their NFT art on their profile. eBay (NASDAQ:EBAY) is also testing out the application for Web 3.0 on their platform, and the tech giant recently acquired Ethereum-based NFT marketplace KnownOrigin to facilitate a smoother transition into the space.
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