This isn't the first move that the brand has made to monetize its large audience. They already run a comprehensive digital storefront that lets influencers showcase dozens of SKUs, with some regions even allowing for in-app payment and shipment tracking. This new venture will add a whole new dimension to this aspect and allow creators to make even more money through fan support.
This program is currently in testing with a handful of users in the US market. Users selected for the test can create their own NFTs using the Polygon blockchain, which can then be used for trading them as well. They will be able to price and sell these unique assets through their profile, along with other pre-owned digital pieces that are located on Polygon or even other blockchain systems like Solana, Flow, Ethereum, and more.
While the NFT showcase tool has been spread to over 100 countries, this new feature will still take some time before going mainstream. In addition to this digital collectables toolkit, creators can also expect to get other monetization options, such as the Stars virtual currency tipping and gifting systems, which act just like the Tips and Gifts section on other platforms like YouTube and Twitch.
All of these and more are efforts from the Meta corporation towards keeping its platforms relevant in the modern era, where Facebook is losing millions of users every other quarter, and TikTok is taking over the Gen Z crowd with its addictive short-form content and vast reach. The parent company hopes that with enough innovation, Instagram can become more than just a photo-sharing app and transform into a true digital commerce platform that will stay around for years.