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  • MaryGrace Lerin

Meta Introduces New Monetization Initiatives for Creators, Along With NFTs and Reels Payments

Meta is expanding its creator monetization options, along with new metaverse and Web3-aligned capabilities, as it strives to establish the next platform for creative expression and interaction and retain its biggest stars posting to its apps in the future.

To begin with, Meta is experimenting with a new Creator Marketplace on Instagram, where creators may be discovered by companies for prospective collaboration opportunities.

The new Creator Marketplace, as seen above, will allow creators to indicate their interests and the content types they would like to make, allowing companies to find potential matches for their initiatives.

Meta already has a Brand Collabs Manager, which does the same thing, but this new method will be geared towards Instagram, giving IG creators another way to connect with prospects.

Meta is also broadening its Reels Play Bonus program to more Facebook creators, allowing them to cross-post their Instagram Reels to Facebook and monetize them on both platforms.

In September of last year, Meta introduced its Reels Play Bonus program as part of a larger effort to encourage top producers to keep releasing Reels in the app. Considering that Reels is now the company's fastest-growing video genre, it makes sense to invest where it can to keep its top stars from flocking to TikTok and YouTube.

Meta is also extending its Facebook Stars creator donation procedure to all eligible creators 'so that more individuals can start benefiting from their Reels, live, or VOD videos'.

Facebook Stars are a virtual currency that can be bought in different bundles and then given to creators through live streams by Facebook users (audio and video).

Previously, to be eligible for stars, users had to manage a Gaming Video Creator Page, have more than 100 followers, and broadcast game material for at least two days, minimum of four hours total, and within an uninterrupted period of 14 days.

However, Meta has recently begun to extend Stars to Reels, which will provide additional opportunities for more creators to earn money under the service.In most regions, stars are available, albeit there are some limits.

Meta is also releasing 'interoperable subscriptions,' which will allow creators to grant access to subscriber-only Facebook Groups to their paying subscribers on other platforms (see third image above).

There are also NFTs and Meta's first forays into digital collectibles.

Meta is increasing the test pool for NFT display options after introducing an early test of the option on Instagram in May. It also plans to bring the NFT display to Facebook, 'starting with a small group of US creators'.

NFTs are still a divisive topic, with some seeing them as the future of digital collaboration and community, while others regard them as a get-rich-quick scam with minimal utility.

It's unclear whether the existing NFT profile images will continue to exist in the future, but the market for digital assets, such as avatar apparel, in-game stuff, virtual objects, and so on, is bound to grow.

However, with NFT NYC taking place this week, it's evident that interest in digital profile photos is still high, suggesting that it might become a long-term trend.

Furthermore, Meta says it won't adopt any revenue-sharing mechanisms on Facebook or Instagram until 2024, which implies that creators will be able to claim 100% of any revenues raised through Events, Subscriptions, Badges, and Facebook Bulletin.

These are some key developments in a variety of categories, and as the rivalry for creative talent ramps up, Meta needs to keep improving its products to stay ahead of TikTok and YouTube.

Since Meta will need these creators to power its metaverse vision, and if they leave now, they may never return. That'll be the next step, with increased financing for Horizon Worlds designers and VR developers.

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