Meta Unveils Metaverse Monetizing Tools for Facebook and Instagram Creators
In a Facebook post on June 21, Zuckerberg said there would also be updates to “help creators build for the metaverse.” He added that he wanted platforms such as Facebook to play a role in the growing creator economy.
There were six new updates that Zuckerberg shared in his thread. The first one was more revenue to creators, with the social media platforms holding off on any revenue sharing on Facebook and Instagram until 2024. “That includes paid online events, Subscriptions, Badges, and Bulletin,” he added.
Previously, the commitment to give more revenue to creators only ran until 2023, but the chief executive has now extended that. In a June 2021 post, he said the company would take “less than the 30% that Apple and others take.”
Eligible Content Creators
Interoperable Subscriptions allow creators to give their paying subscribers on other platforms access to subscriber-only Facebook Groups.
Additionally, the Facebook Stars section will be opened up to “all eligible creators,” enabling more people to earn from their Reels, live, or VOD videos.
The Reels Play Bonus program will also be opened up to more creators allowing them to cross-post Instagram Reels to Facebook and monetize them there too.
An Instagram Creator Marketplace is also being tested to allow creators to get discovered and paid. Brands will also be able to share new partnership opportunities.
Finally, the firm is expanding its digital collectibles enabling more creators to display and use NFTs on Instagram. He added that this feature will be coming to Facebook soon, “starting with a small group of US creators.” Eligible creators must meet specific requirements, so the new upgrades will not be available for everyone.
Instagram started testing NFTs through its Digital Collectibles feature in May. Meta is seeking unique content on the platform as competitors such as TikTok, which has its own creator marketplace, grow in popularity. However, the firm’s grand Metaverse plans have attracted scrutiny from whistleblowers.
Fake Facebook Review Crackdown
Facebook is awash with fake news and spurious content, so the company has taken steps to reduce it. On June 20, it announced launching a new Community Feedback Policy in the US to share what it allows and prohibits. The firm said that it was targeting businesses that use the platform for advertising:
“Businesses must now comply with our Community Feedback Policy, which specifically prohibits manipulation of reviews, incentivization, irrelevance, graphic content, and spam.”