Following more than a year of research and experimentation, the tech giant, meta, do not continue with that NFT project. The Social Media Factory has decided to unplug non-fungible tokens from their Facebook and Instagram platforms. The announcement was made by Stephane Kasriel, Head of Commerce and Financial Technology at Meta. In a series of tweets published on March 13, Kasriel said Meta “Shrinking Digital Collectibles (NFTs)” from Instagram or Facebook “Focus on other ways to support creators, people and businesses”

Meta’s year-long NFT experiment

News of Meta’s interest in NFTs came in late 2021 amid growing interest in the technology. Instagram then began rolling out his NFT support in May 2022, and a month later the same feature was extended to his Facebook. This feature was initially only accessible to a limited number of creators. Then, in August, Instagram made his NFT tool available in over 100 countries. “End-to-end toolkit” We have enabled Instagram users to create and trade NFTs. However, the experiment did not seem to yield the desired results.

Despite discontinuing support for NFTs on both Instagram and Facebook, Meta intended Prioritize finding ways users can “Connect with fans and monetize (content)” But the news also coincides with a time of great turmoil in its once-unstoppable social media empire, announcing that it will cut another 10,000 employees. This comes just four months after he first laid off 11,000 members in November.

News of the breakup was not well received within the NFT community. One of his NFT artists named Dave Krugman, was critical The whole Meta approach “Myopic” before you know the company “Stop before it starts.”

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*All investment/financial opinions expressed by NFT PLAZA are based on the personal research and experience of the site moderators and are intended for educational material only. , the product should be thoroughly investigated.

By Jules

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