Shulou(Shulou.com)11/24 Report--

According to news in the morning of November 3, Beijing time, Meta is expanding the launch of NFT (irreplaceable tokens) on its platform despite the slowdown in digital asset trading.

Creators on Instagram will be able to make and sell their own NFT-- digital assets that represent art or images that cannot be copied directly to fans inside and outside the platform, Meta said on Wednesday. Instagram already allows users to display NFT on their pages.

This marks the biggest promotion of social media platforms in the NFT field. Rival Reddit launched a collectable avatar in July, and users have received an enthusiastic response-nearly 3 million users now own these digital assets. That number exceeds the 2 million buyers on OpenSea, the largest NFT market, according to blockchain analytics firm Dune.

Digital assets, derided by some as speculative assets, have fallen in value in 2022. Since the market peaked in January, NFT trading volumes have fallen by more than 90 per cent.

The global economic slowdown has hit Meta's advertising revenue, brands are controlling marketing spending on their platforms, and Meta is trying to find new sources of revenue. Meta shares fell 25 per cent last week after the company revealed that third-quarter net profit fell more than 50 per cent.

Meta has also been hit by competitor TikTok. TikTok's success is partly due to its ability to attract influential people to its platform.

In July, Stephane Kasriel, head of financial technology at Meta, said the company focused on digital collections as part of a strategy to attract influential people and their fans to its platform.

Meta has also introduced other ways to allow fans to pay for the influencers they follow. In the United States, all qualified Instagram creators can offer a subscription service, and fans can pay a monthly fee in exchange for exclusive content. The feature was first announced in July this year.

Meta's Facebook is also promoting its "star" feature more widely, a form of currency within the platform where fans can pay for creators' content when they like them. Meta has launched a "gift" feature on Instagram in the United States, which is similar to the "star" function, providing creators with a new way to make money from fans.

Last week, Apple extended its 30 per cent commission policy for in-app purchases to NFT products. Any app sold through in-app purchases on Apple or Google devices will be charged a 30 per cent platform fee, Meta said. Meta has previously clashed with Apple over the so-called "Apple tax".

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