As the introduction of Reels boosts engagement across Meta’s various platforms, VP Global Business Group at Meta Nicola Mendelsohn, emphasised Meta’s goal to utilise metaverse technologies to create monetisation opportunities for creators. Meta claims that since the introduction of Reels on Instagram in 2020, the company has been able to create a massive community of creators, which has also driven engagement on the platform.

Consequently, Mendelsohn notes that creators can utilise Meta’s pivot to Web 3.0 to truly drive further engagement: from creating digital collectibles, 3D avatars, and NFTs, to utilising augmented and virtual reality for monetisation purposes.

Monetisation opportunities

Meta’s emphasis on the utilisation of Web 3.0 for monetisation purposes is novel, especially as presently, the majority of monetisation opportunities on Reels are restricted to product sponsorships and dedicated creator funds for a certain category of influencers on Meta’s various platforms.

Speaking on Creator Day 2022 in Mumbai on Friday, Mendelsohn noted that influencers and brands can bring NFTs to a wider audience using their follower base on Meta’s various platforms. “We want to help create monetisation opportunities, such as bringing NFTs to a wider audience. By enabling sharing of digital collectibles on Instagram. We see brands and creators utilisation of AR, VR and in an amazingly creative way, which will only continue as we expand further towards metaverse,” she said. 

“We are committed to being a playground where creators and users can interact and redefine engagement,” Mendelsohn added. 

Ajit Mohan, MD & VP, Facebook India (Meta) who also attended the event noted, “We are big fans of creators. Everything we do, all our products and features are based on one thought: how can we empower the people who have a story to tell, an insight to share, a song to dance to? Without a doubt, a key pillar of India’s new economy is going to be built and fuelled by people like you.”