Instagram is now testing a new way for creators to make money on its platform in the alpha mode, TechCrunch has learned. At the start, the social media giant wants to see how the feature works with a small group of US creators, including @alanchikinchow, @sedona._, and @alizakelly.

According to the report, content makers can offer their followers paid access to exclusive Instagram Live videos and Stories. All the exclusive content will get a special purple ring that will help creators stand out in the comments section.

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The minimal subscription model starts at $0.99 per month to as much as $99.99 per month. The price range varies depending on how much a creator believes their content is worth.

Instagram co-head of product Ashley Yuki says the company is trying to think of all the ways that it can build monetization products. Yuki added,

Our main goal here is that we help creators make a living.

The co-head of product believes that the paid subscription model is going to be "one of the strongest points of this for both creators and for fans."

As To The Moon reported earlier, Instagram is looking into non-fungible tokens (NFTs). The company’s head Adam Mosseri said during an AMA that Instagram wants to find out how it can make NFTs “more accessible to a wider audience.”