Meta Platforms on Wednesday (Nov 3) said it was adding a host of new features to Instagram, including a tool to trade digital collectibles, in a move that will help content creators monetise their presence on the social media platform.
Users can soon support creators by buying their non-fungible tokens (NFTs) directly within Instagram, the company said.
The new features will be tested with a small group of creators in the United States, the company added, and there are plans to expand to more countries soon.
Meta has been rolling out more features for users to make money on its social media apps as it competes for talent with TikTok and others at a time when influencers are pulling in advertising dollars to these platforms.
In tandem with this push, Meta said it was expanding access to subscriptions on Instagram to all eligible creators in the US to help them earn a more predictable income on the photo-sharing app.
It is also introducing gifts on Instagram, starting with Instagram Reels, so creators have a new way to earn money from their fan base.
The company is also launching a professional mode for Facebook profiles, which will allow creators to build a public presence while maintaining their personal Facebook profile.