The meta will no longer support the NFT feature.
Instagram has just announced it will stop producing digital collectibles (NFTs). Stephane Kasriel, the Commerce and FinTech Lead at Meta, stated on Twitter that all features that supported NFTs would be disabled.
Many members of the NFT community were taken aback by the news, especially given that the firm had only just released the relevant features.
Kasriel said that Meta won’t give up on its goal of helping creators connect with their fans. Instead, it will switch its focus to other products, like Reels, for messaging and making money. Meta will also keep working with NFT and Web3 content creators who use its tools to help their communities grow.
Instagram’s NFT timeline
In August of 2022, NFT integrations were added to Instagram. Users of NFT in 100 countries got new features that month. But not enough tools were there.
Only user-made or found NFTs were displayed. The platforms lacked key NFT features like buying and selling. Some Instagram creators sold NFTs before the year ended. The selected artists hoped the change would improve creator economy fairness.
Connie Ansaldi, CEO and Founder of Carnaval Art, a blockchain-powered loyalty service for businesses, said that the company lacked foresight and was led by fear.
“You’re not thinking in the long run. What if you would have said goodbye to the internet when the bubble exploded back in the 2000s? There would be no Google. Or Meta whatsoever,” she said.
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