As the metaverse opportunities emerge, businesses are stepping into an exciting new world. Gaming and entertainment are the main drivers of the current metaverse buzz, and all enterprises understand that they need to start moving sooner than they can. That includes Meta and its content creators.
Meta is working to make it possible for creators on Facebook and Instagram to monetize the platforms.
The company will also provide them with updates that will help them create content for the metaverse.
While the company has plans to make money out of this venture by taking a cut out of the creators’ earnings, Mark Zuckerberg has confirmed that that will not happen until 1st January 2024. Intil then, creators will make more money as they experiment with the new features.
New Features Enabling Content Creators to Make Money on Facebook and Instagram
Mark Zuckerberg, Facebook CEO, said in his Facebook post, “We are heading towards a future where more people can do creative work they enjoy, and I want platforms like ours to play a role in making that happen.”
Here are the new features that Meta has launched on Facebook and Instagram that will enable creators to make money in readiness for the virtual world in the Metaverse:
Reels Play Bonus Program
More creators will be able to cross-post their Instagram reels to Facebook, expanding their viewership and earning more.
Meta is also restructuring payouts and providing creators with high-quality original content, with insights to improve their performance.
The bonus program also allows creators to earn by completing challenges on Facebook.
Creator Marketplace
There will also be a creator marketplace where it will be easy for content creators to get discovered and receive their payments, and brands can create partnerships with other brands. That will offer creators and brands opportunities to connect and make money.
Display Nonfungible Tokens (NFTs)
This feature is currently available on Instagram only. In his Facebook post, Zuckerberg said the feature will now be available on Facebook to allow creators to cross-post on both platforms. Meta will implement this feature in the US and later roll it out to the rest of the world.
There are plans to test this feature on Instagram Stories soon.
Meta started testing digital collectibles in May this year on Instagram. Some creators can earn by sharing their digital collectibles on the platform, and their fans offer their support by purchasing them as NFTs.
By using technologies like NFT on Instagram, creators can:
- Gain more control over their work
- Manage their relationship with their fans
- Have more control over how they can monetize
Meta is looking at areas in which creators are already invested and making it better by:
- Improving the experience
- Helping them capture more opportunities they can monetize
- Giving NFTs more exposure
The digital collectibles feature has three stages:
- Connect a digital wallet: This will allow creators to choose which NFTs in their wallet they would like to share on the platform.
- Share digital collectibles: The creator can now post their digital collectible giving it a shimmer effect and the ability to display its description as public information.
- Automatically tag the creator: Once posted, the owner is automatically attributed in the post, subject to privacy settings. The tag is free and is another avenue through which creators can earn an income.
Facebook Stars For Fans to Award Favorite Content Creators
Facebook stars are virtual objects that help fans show their support to creators. Instead of just tapping the like button, fans can buy and send stars to their favorite creators. However, this feature is only available in some regions.
Now, creators with a minimum of one thousand followers over the last two months are eligible for Facebook Stars. But they must also meet Meta’s Partner Monetization and Content Monetization policies.
Stars Fest to Celebrate Star Content Creators
Stars Fest, held from June 15th to July 15th, is back to celebrate Facebook Reels Stars creators. During this event, there’s a bonus opportunity to multiply Stars’ earnings for specific stars on Reels creators. Competitions are also held for $1,000 for stars to add #StarsEverywhere to all their posts within the fest period.
Interoperable Subscriptions
For creators with fans across all the Meta platforms, the Interoperator Subscriber Groups feature will come in handy by enabling creators to :
- Receive payments from their fans on other platforms
- Offer their fans exclusive access to exclusive features on Facebook
- Save time in building Facebook communities and offer paying fans a better user experience
Meta is currently testing this feature with selected creators and plans to add more functionalities later.
Final Thoughts
Meta is working hard to develop tools that will help creators monetize opportunities on the various platforms confirming the company’s commitment to supporting a creator-first economy.
These new features will give an edge to Meta over its competitors like Tiktok while preparing it and its users for the coming era of the metaverse.
