The tech giant has disclosed that it would completely shut down its current efforts and plans for NFTs on Facebook and Instagram.
Normally, Meta shows interest in cryptocurrencies, blockchain technology, and NFTs, so the move is surprising for blockchain lovers.
Instagram’s Brief Interaction With NFTs
Last year, Instagram started integrating NFT features for some creators. At the moment, IG users could only share NFTs that they created or bought. By August, thousands of users in about 100 countries could connect their wallets to IG and share their prized digital assets.
On November 2, Meta revealed its plans for an “end-to-end toolkit” to allow NFT creators to create, display, and sell digital assets on Instagram. The announcement which was made during the firm’s Creator Week 2022 highlighted that Polygon was chosen as the firm’s partner to support NFT minting and trading on the platform.
A couple of months later, the platform started allowing a selected number of creators in America to sell digital assets.
Meta Seeks Out Other Opportunities For NFT Creators
The decision was to create a more equitable economy for creators. However, Meta has shocked users with a recent announcement. In a thread of tweets by the Commerce and FinTech Lead at Meta, Stephane Kasriel, he revealed that Meta has decided to support individuals and businesses via other means.
Although Meta did not give a specific reason as to why it will discontinue its support towards NFTs, Kasriel emphasized that the firm is still on its toes to provide financial opportunities for creators, including decentralized social media platforms.
As expected, many people responded to Meta’s course of action. Most of their responses criticized Meta’s move.
The CEO and Founder of Carnaval Art, Connie Ansaldi, called out Instagram on its fear and lack of foresight.
Creators, like David Krugman and Chris Torres, have also joined in the criticism, calling Meta’s plan a “short-sighted move” and a poor one at that.
Sadly, Meta’s plans to dominate the metaverse have been placed on hold.