Meta has given up on the NFT adventure, which started quite late. An official statement came from the company on this issue. Meta, the roofing company of Instagram, Facebook, and WhatsApp, was quite late in entering this process, as we mentioned above. Last year, the company launched the NFT period for certain people within Instagram and Facebook. Users who could try the process were able to share the NFTs they purchased or produced on the platform with details.
Meta has not received the interest it expected in NFT on Facebook and Instagram
The company also wanted users to make money by selling NFTs directly on Instagram and Facebook. In this context, it brought support for selling NFTs to Instagram within the application and stated that they will take NFT sales support to other countries. Meta stated that they even prepared video NFT support for Instagram profiles. So what happened at the last stage after all these steps? The company put the final point on the infrastructure, as the NFT fury was really behind and users did not show much interest in the process.
“We’re winding down digital collectibles (NFTs) for now to focus on other ways to support creators, people, and businesses,” Stephane Kasriel, Meta’s Head of Commerce and Financial Technologies wrote in an update shared on Twitter. “We learned a ton that we’ll be able to apply to products we’re continuing to build to support creators, people, and businesses on our apps, both today and in the metaverse.” He added that the company would instead be focusing on “monetization opps for Reels” and “messaging payments across Meta.”
Meta spokesperson Joshua Gunter confirmed that this decision means the end of the NFT sharing feature on Instagram and Facebook. The NFT market is not as popular as it used to be. What do you think about NFT? You can share your thoughts with us in the comments section below.
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