Meta to Test Buying and Selling NFTs on Instagram - Report

Meta has announced to test ways to buy and sell non-fungible tokens (NFTs) to fans and collectors both on and off Instagram.

With the intention of shortly expanding to more nations, Meta is testing the new feature with "a small group of creators in the US".

Digital Collectibles

Users can buy digital collectibles of their favourite creators directly from Instagram to support them, the company said in a blogpost.

Meta Wikimedia Commons

Additionally, Meta has expanded the list of digital collectibles that users can showcase on Instagram to include video and added support for the Solana blockchain and Phantom wallet.

"We're making it easier for people to show appreciation for their favourite creators across our apps, which helps creators strengthen their community and build their business," it said.

The tech giant has also expanded access to subscriptions on Instagram to all eligible creators in the US, so that more creators can generate consistent income and build closer relationships with their most devoted followers.

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Additionally, Meta had introduced gifts on Instagram, starting with Reels, so that the creators can earn money from their followers.

Followers can purchase 'Stars' directly from Instagram to send gifts and support their favourite creators on Reels, the company said.

Earlier, Meta had rolled out new features on Instagram to protect users from abuse, along with updates to Hidden Words.