Facebook Kicks Off ‘Star Fest’ To Push Virtual Currency For Creators
Source: Facebook
Facebook is kicking off Stars Fest, a month-long celebration centered around Stars, its virtual currency.
“Today, we’re kicking off Stars Fest on Facebook — a month-long celebration to spotlight creators and recognize the amazing ways people have supported them with Stars,” Facebook said in a blog post.
Over the course of December, Facebook will launch a number of Stars initiatives and features designed to reward creators.
These include Stars Store, a website that allows people to buy Stars using Facebook Pay, Stars Party, a way to share Stars together, Star Badges, a way for creators to recognize Star senders, as well as testing Stars in experiences other than live videos, such as videos in the News Feed, the Facebook Gaming tab, and Reels.
Facebook will also match some creators' Stars earnings through the Stars Double Bonus Program, which is part of its $1 billion investment in creators. Creators can earn up to $3,750 in bonus payments under this invitation-only program.
Other social media platforms such as Twitch, YouTube, and most recently, TikTok, offer virtual currency similar to Stars.
Virtual currency has historically been centered around live streaming experiences, but as we continue to see, platforms are looking for any and all ways to support monetization for creators of all levels and types.
Through a combination of matching Stars donations, providing interactive functions around Stars, and integrating Stars into different experiences throughout Facebook's family of apps, Facebook hopes to increase the adoption of virtual currency and make rewarding creators a common practice.
But why? Greater adoption of Stars means more money for creators, and more money means more time they spend creating and sharing on Facebook, which keeps users entertained and engaged.
Despite the emergence of the creator economy and the emphasis on creator support, most social media users don't use virtual currency today, but that is likely to change down the road, thanks to pushes such as this.
