Connect with us
Active Currencies 14791
Market Cap $2,469,545,528,576.10
Bitcoin Share 51.84%
24h Market Cap Change $-2.13

Meta to wind down NFT support on Instagram, Facebook

2min Read

Share this article

  • Meta is winding down its non-fungible token (NFT) project barely a year after it began the initiative
  • Collapse of NFT integrations is a critical failure for Meta in Zuckerberg’s “year of efficiency”

Tech and social media giant Meta is winding down its non-fungible token (NFT) project, according to an announcement by Meta Commerce and Fintech lead Stephane Kasriel.

In the coming weeks, Meta will close its tests of minting and selling NFTs on Instagram, as well as the ability to share NFTs on Instagram and Facebook. Meta is shutting down the project only a year after announcing plans to allow digital collectibles sharing on its Instagram platform.

Last year, Meta CEO Mark Zuckerberg announced that NFTs would be arriving on the Instagram app. These features were, however, only available to a small group of creators and were never widely distributed.

Meta added Ethereum, Polygon, and Flow NFT cross-posting between its Facebook and Instagram products in August to make it easier to share NFTs. Additionally, Meta also integrated a decentralized storage protocol, Arweave, into the platform in November.

“Proud of the relationships we built,” Kasriel said. He added,

“And look forward to supporting the many NFT creators who continue using Instagram and Facebook to amplify their work.”

He also thanked the partners who helped develop NFTs on Instagram.

Other digital companies are, however, racing into the NFT market, even though they lost billions of dollars in value during the NFT collapse of 2022. The failure of the NFT industry follows stratospheric levels of hype created around collectibles in early 2021. Reddit keeps promoting its NFT “digital collectible” characters even now.

Meta’s woes persist after failure of Diem, Novi

The collapse of NFT integrations is a critical failure for Meta in a year that Zuckerberg was aiming to make the “year of efficiency.” Last year, we also witnessed the collapse of the Meta-backed cryptocurrency Diem and Meta’s native digital wallet Novi.

Facebook rebranded to Meta in October 2021. At the time, its stock fell from $323.57 to $114.74 in December 2022- A drop of 60%.

Share

Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.