Meta did not catch the attention it expected in the NFT world. The company, which made Facebook and Instagram compatible with NFT a while ago, decided to give up this support. Meta has announced that it will cease support for NFTs from April 11th.
NFT era ends on Facebook and Instagram
Saying that he has been actively researching NFTs and looking to integrate them into social media last year, Meta has given Instagram and Facebook the ability to share digital artwork. She even said they could set up a digital art marketplace to sell items. But the company’s NFT plans seem to have fallen through.
Meta’s Head of Commerce and Fintech, Stephane Kasriel, said that work on NFTs on Facebook and Instagram will end. The social media giant will instead focus on areas where it can make a bigger impact.
Instagram first tested NFT support in 2022. However, the basic NFT functionality, i.e. the ability for users to sell/buy NFTs to each other, had not yet been added. Until November, Instagram allowed a number of artists to sell digital works on the platform, which support was soon discontinued.
After the feature was canceled, Facebook and Instagram will no longer support NFT connections. It will also not associate users with third-party digital wallets.
Also, creating new digital collection posts on Instagram will not be allowed. NFT posts that are already on the platforms will be shown as a normal share by cutting off their relation to the blockchain.
58032
