As it looks to add more ways to help creators to build their presence, and monetize their work in the app, Facebook is launching a new ‘Creator Collaborations’ feature, which will enable creators to collaborate with others on content to expand their reach.
As you can see in this example, Creator Collaborations will enable multiple creators to be listed on a single Facebook post, providing both additional brand awareness, through the tag, and expanded reach to the combined audience of both collaborators.
As explained by Facebook:
“With this tool, a creator can invite a second creator to publish a single piece of video content together. If the second creator accepts, the post will publish on both collaborator’s pages. Collaborators will share the same distribution for the content, and be able to view shared insights, such as reach and engagement, within Creator Studio.”
It’s much like Facebook’s existing Branded Content Tags, which enable brands to tag collaborating businesses in a single post to boost their promotional efforts.
And it could be a great way for more established stars to help up-and-comers get more exposure, by showcasing their work to a wider audience, and enabling viewers to tap through on their profile for more info.
Though it is fairly limited right now.
Facebook says that the option is currently only available for video posts, though more creation options are in development, while it’s also only available to those managing a Creator profile in the app.
But it could provide more capacity for building a presence in the app, which could also make Meta’s tools a bigger part of your community building, and ultimately, monetization efforts.
Meta has also added ads for short-form video and live-streams, a new Creator Marketplace on Instagram, an expansion of its Reels Play Bonus program, and more, which all provide additional pathways for discovery and monetization for creative efforts in its apps.
Luring the top talent is a key battleground for social apps, with every platform now offering incentive programs and deals to sweeten their offerings, and keep the most talented creators posting regularly, which in turn keeps users coming back for the latest updates.
Indeed, just this week, YouTube signed a new exclusive content deal with one of Brazil’s most popular gaming creators, and it’s these types of direct publishing deals that will likely become increasingly common as YouTube and Meta, in particular, look to combat the TikTok threat.
Starve competitors of content, and you’ll drive audience back to your apps, which is a more expensive, and potentially risky path to take. But it could be how Meta eventually wins more users back to its apps.
Instagram Expands NFT Display Options to More Than 100 Regions
While NFT sales continue to decline, and interest in the first wave of digital collectibles appears to be waning, Meta is expanding its support of digital collectibles, by making its NFT display option on Instagram available in more than 100 countries, meaning that the vast majority of IG users will now have the option to display their owned works in the app.
Meta CEO Mark Zuckerberg has posted his own signed baseball card, which will soon become an NFT, to announce the expansion.
Originally launched to selected creators in the US back in May, Instagram’s NFT display option enables users to showcase their NFTs within the main IG feed, in Stories or in Direct Messages.
As you can see in this example, NFTs on Instagram will be shown with a ‘digital collectibles’ tag, which, when tapped, will display information about the creator of the work, and the ownership of that digital item.
There’ll also be a new NFT tab added to participating accounts, with a tick in a hexagon to indicate verified NFTs.
Instagram’s NFT process supports a range of connections to the top crypto payment tools, including Coinbase, Dapper, Ethereum, Polygon, and Flow. NFT owners are also able to connect their Rainbow, Trust Wallet and MetaMask accounts to verify NFT ownership.
The expansion could see NFTs become a bigger part of the Instagram eco-system, which, on one hand, seems a little ill-timed – because as noted, NFT sales are seeing a significant decline at the moment. But on the other, the integration will provide another way to support artists, with Meta specifically highlighting the benefits for creators from underrepresented communities to monetize their work.
If people keep buying them. According to a recent report from CoinTelegraph, NFT sales declined to their lowest levels in a year in June, bringing them back to, essentially, pre-NFT hype cycle levels.
Of course, the broader downturn in the crypto market would also play a big role in this, but the overall consensus is that the air is coming out of the NFT market, as buyers continue to lose money – either to scams or market shifts – and the perceived value of NFT projects becomes less and less clear.
But still, this is likely only the first wave of digital collectibles.
A lot of Web3 folk like to talk about how ‘early’ they are to these trends, as if that’s a good thing, but the fact of the matter is that these early adopters are going to lose out, repeatedly, because these early projects will largely be worthless in the long run, while NFTs, as an offering, will change and morph into new areas that could see them hold value.
Just not as expensive cartoons that look like they’ve been stolen from the walls of an elementary school corridor.
The longer-term view for NFTs is that they’ll enable the trading of digital items in the metaverse, like clothing for your avatar or in-world items. This type of marketplace is already generating millions within game worlds, like Fortnite and Roblox, and Meta’s view is that NFTs are the first step towards facilitating the same on a broader scale.
As per Meta:
“We’re exploring a wide range of web3 technologies because we believe they will expand access, reduce costs, and accelerate innovation, empowering people and creators around the world. We are excited to continue listening to feedback from creators and collectors as we continue to build in this space.”
Whether crypto remains a central peg in this, or it reverts to fiat currency, the potential is there for the NFT framework to facilitate this type of cross-platform trading. But not yet.
So, yes, current Web3 folk are early. But it may not be the flex that they think.
On another front, Meta also notes that it’s working to reduce the emissions impact associated with the display of digital collectibles by purchasing renewable energy
There are various moving parts here, but the broader view is that this is not about displaying your monkey pictures within Instagram as the end, but it’s more of a stepping stone to enable Meta to integrate the trading of digital goods into its tools, in a way that aligns with current usage trends, and doesn’t feel as intrusive as, say, Meta building its own crytocurrency.
That would raise more questions, and open the door to increased regulation. But by integrating similar tools, and aligning with popular trends, that could be a more organic way to merge in digital items and payments, without raising as many eyebrows in the process.
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