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Meta CEO, Mark Zuckerberg, has announced that the company is rolling out tools to help select creators to make money on Facebook and Instagram. In a Facebook post dated June 21, Zuckerberg stated that Meta is rolling out updates on both Facebook and Instagram to "help creators build for the metaverse" as well as grow the economy of the content creators. In a Facebook post, the CEO shared six new updates, the first one being more revenue to content creators, with the social media platforms holding off any form of revenue sharing like paid online events, Bulletin, Badges, and Subscriptions until 2024.
Mark Zuckerberg announced that Meta is testing a designated place on Instagram where creators can get discovered and paid-for content. Meta notes that the creator marketplace allows brands to share new partnership opportunities. Once a brand finds a creator that they want to partner with, they can send a project with the details to them, including information about deliverables and payment. Meta notes that there will be a partnership messaging folder within Instagram DMs where creators and brands will be able to filter through their offers and projects.
According to the previous commitment which has now been extended, more revenue to creators was to go up to 2023. Zuckerberg earlier on had claimed that the firm will take "less than the 30% that Apple and others take."
Zuckerberg also announced that Meta is expanding its NFT test on Instagram so more creators around the world can display their NFTs on Instagram. The supported blockchains for showcasing NFTs on Instagram are Ethereum and Polygon, with support for Flow and Solana coming soon. Zuckerberg noted that the company will bring this test to Facebook soon too, starting with a small group of U.S.-based creators. The Facebook test will allow creators to cross-post on Instagram and Facebook. Meta is also going to test NFTs in Instagram Stories with SparkAR soon.
According to CoinTelegraph, More than 50 million creators are driving their economy of talent, attracting more than US$800 million in venture capital. Such figures are but a shadow of what they can become later, as new venues are rapidly becoming available.
To start, the blockchain allows you to own digital goods in a virtual world. You won't just own that NFT in the real world, you'll own it in the virtual world, too. In addition, the metaverse isn't being built by any one group or company. The development of blockchain technologies has resulted in a sweeping revolution across financial markets, empowering individuals instead of institutions and channeling ownership of data and funds to their holders. The qualities of the blockchain — immutability, full transparency, and the trustless nature of operations — have permeated many industries, swooning the balance of business orientation from centralized corporate reliance to decentralization. This shift in the basic concepts that govern relations between participants to transactions, facilitated by smart contracts, has not gone unnoticed in the creator economy.
Meanwhile, Instagram Creator Marketplace testing is underway to enable the creators to be discovered and paid as well as enable brands to share new partnership opportunities. In addition, the company is also expanding its digital collectibles creators to use and showcase NFTs on Instagram. The CEO said that the feature will be coming soon to Facebook and it will start with a small group of US creators, however, there will be some specific requirements that the creators will have to meet so that the new upgrade will only be available to eligible creators.
However, Instagram is already using the feature after testing the NFTs through their Digital Collectibles in May, besides that, TikTok has its creator marketplace. This challenges Meta to look for more unique content for its platform despite much scrutiny from whistleblowers.
As more people and businesses rely on valuable feedback from customers—such as ratings, reviews, recommendations, and questions & answers— and Meta is dedicated to keeping that information relevant and authentic. On June 20, Meta launched a new Community Feedback Policy after some users started spreading fake news on the platform especially the business community who use the platform for advertisement. The new policy was created to ensure that reviews are based on real purchasing experiences, and to keep irrelevant, fraudulent, and offensive feedback off of our platforms.
More than 200 million businesses connect with their customers through Facebook's apps and technologies. Community feedback provides businesses with helpful insights from their customers and helps people make trusted purchasing decisions as they discover new products.
"Businesses must now comply with our Community Feedback Policy, which specifically prohibits manipulation of reviews, incentivization, irrelevance, graphic content, and spam."
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