Instagram Exploring Subscriptions, NFT Marketplace: Report

The head of Facebook’s Instagram segment opened up about some potential plans for the company in a recent interview.

What Happened: Instagram head Adam Mosseri said the company is exploring a subscription model that would allow subscribers the ability to sell access to exclusive material, The Information reports.

“There’s different ways to facilitate a financial relationship between a fan and a creator,” Mosseri said.

The Facebook Inc FB-owned Instagram would allow its creators to monetize its large number of followers through the subscription offering similar to what other companies have done.

“Being able to subscribe to some differentiated or unique or exclusive content actually feels more additive as a fan than seeing an ad.”

Instagram is also exploring launching a NFT marketplace that would allow creators to sell non-fungible tokens.

“For NFT artists, Instagram is often the platform of choice to showcase their work. I love the idea of us doing more in that space,” Mosseri said. 

One artist said recently that Instagram had contacted him about launching a NFT through the social media platform, The Information reported. 

Related Link: Facebook Surges To New Highs As Q1 Revenue Jumps 48%: What Investors Should Know 

Why It’s Important: Monetizing followers and allowing creators to earn revenue has been a huge growth market for social media platforms.

Twitter Inc TWTR is testing super follows and Patreon has allowed a subscription service for creators to offer exclusive content to monthly payers.

YouTube, a unit of Alphabet Inc GOOG GOOGL, has premium memberships for followers that allow extra perks.

The launch of subscriptions and a NFT marketplace would be the latest in Facebook’s push to roll out new features for influencers and creators.

FB Price Action: Shares of Facebook are up 1% to $326.40 on Tuesday morning.