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Meta announced NFT and subscription updates for Instagram and Facebook

Meta announced NFT and subscription updates for Instagram and Facebook
Russell Kidson

Russell Kidson

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Meta announced brand new NFT and subscription-based features for Instagram and Facebook on Wednesday. The company is currently hosting its Creator Week conference globally, so the announcement of new features doesn’t come as a surprise. 

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These new features come mere months after Meta introduced NFT support on Instagram. The motivation behind this move was to allow users to showcase their NFT collections on the social image-sharing app. With the new update, Instagram users will be able to not only create their own NFTs but also generate capital through other users buying their creations. Every day, Instagram becomes more of a digital storefront than the social network the original creators intended. 

Meta is also trying to add support for creating and distributing video collectibles, at a premium, of course. In addition to a heavier emphasis on NFT creation and trading, Meta is also investing in support for more blockchains, including Phantom and Solana. 

On the Facebook side, Meta is instituting a brand new method of showing appreciation to your favorite Facebook content creators, Facebook Stars. 

Whether you’re a fan of Mark Zuckerberg and his near-monopoly over human interaction and socialization through Meta and its products or not, you have to wonder if the company is making the right moves investing in such a volatile industry.

Meta announced NFT and subscription updates

As Forbes reports, ‘In recent months, cryptocurrency appears to have undergone a protracted crash—or a correction at the very least—with the market capitalization of all crypto assets falling from roughly $US3 trillion in November 2021 to around $US986 billion in September 2022.’

Should we not be worried about how much NFTs and cryptocurrencies have permeated through the fabric of society? Why is there such a heavy emphasis on trying to promote a failing endeavor? Why do companies like Meta want you to invest all your hard-earned cash into something as flighty and unstable as crypto? That’s something to think about.

In other news, verified Twitter and Instagram accounts are hot property on the black market.

Russell Kidson

Russell Kidson

I hail from the awe-inspiring beauty of South Africa. Born and raised in Pretoria, I've always had a deep interest in local history, particularly conflicts, architecture, and our country's rich past of being a plaything for European aristocracy. 'Tis an attempt at humor. My interest in history has since translated into hours at a time researching everything from the many reasons the Titanic sank (really, it's a wonder she ever left Belfast) to why Minecraft is such a feat of human technological accomplishment. I am an avid video gamer (Sims 4 definitely counts as video gaming, I checked) and particularly enjoy playing the part of a relatively benign overlord in Minecraft. I enjoy the diverse experiences gaming offers the player. Within the space of a few hours, a player can go from having a career as an interior decorator in Sims, to training as an archer under Niruin in Skyrim. I believe video games have so much more to teach humanity about community, kindness, and loyalty, and I enjoy the opportunity to bring concepts of the like into literary pieces.

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