With the rise of the Metaverse and blockchains, Meta quickly jumped into these concepts and entered the NFT business. The company created its own NFT marketplace for Instagram and Facebook users, promoting NFT production and shopping.
But with the rapid collapse of NFTs, Meta also gave up on the idea. Meta’s Head of Commerce and Financial Technologies, Stephane Kasriel, announced that Meta has shelved NFT projects. Thus, Meta’s NFT adventure lasted only one year.
Why did Meta give up on NFTs?
In his post, Stephane Kasriel shared the rationale for the idea of trashing NFTs as “focusing on other ways to support content creators”. Kasriel also stated that they will continue to invest in financial technology tools in the continuation of their sharing.
Let’s look at the undisclosed side of the verdict: the collapse of NFTs
The NFT sector, which reached its peak in 2020-2021, also hosted many ridiculous shopping such as monkey drawings sold for millions of dollars, a ‘drawing’ consisting of a single color and sold for hundreds of thousands of dollars, a flat stone photograph and so on.
Although NFT’s original idea was to value digital art and ensure that art finds its place in the new internet age, unfortunately the market did not progress like this. Unfortunately, NFT projects created for profit and advertised by content producers through agreements in return for profit sharing, unfortunately brought the collapse of the market.
The value of NFTs, which were sold for millions of dollars in the past years, has now fallen below a thousand dollars. This greatly damaged the confidence in the NFT sector.
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