Home - NFT - Meta Discontinues NFTs on Facebook and Instagram-Here’s the Latest

James Carter

March 15, 2023

Meta Discontinues NFTs on Facebook and Instagram-Here’s the Latest

Less than a year after the feature was initially implemented, senior representatives of Meta, the company that owns Facebook and Instagram, made the announcement that the company would be disabling the ability to buy and sell non-fungible tokens (NFTs) on both of those platforms. This comes as a surprise to many users.

Meta Discontinues NFTs on Facebook and Instagram

The following was tweeted out by Stephane Kasriel, who is the head of commerce and finance technologies at Meta:

Meta Discontinues NFTs on Facebook and Instagram

The representative for the firm stated that Meta is excited to “help the many NFT creators who continue using Instagram and Facebook to amplify their work.”

At the same time, Kasriel announced that the major social media company would continue to invest in the distribution of “fintech solutions that consumers and businesses will require for the future.” We are simplifying checkout and payouts, as well as investing in Meta’s messaging payment capabilities, as part of our efforts to streamline payments using Meta Pay.

“Let me be clear: creating opportunities for creators and businesses to connect with their fans and monetize remains a priority,” he said. “We’re going to focus on areas where we can make an impact at scale, such as messaging and monetization opps for Reels.” “Let me be clear: creating opportunities for creators and businesses to connect with their fans and monetize remains a priority.”

Also Read:  Meta Integrating NFTs into Instagram and Facebook Profile Photos

The most recent news has caused a flurry of responses from individuals who monitor the sector as well as numerous stakeholders. A sizeable portion of the responses were critical of the dominant social media platform.

Amongst other people is David Krugman, a photographer based in Brooklyn who also founded the creative community Allships.co, tweeted that he views Meta’s move to be not only premature but also potentially damaging to the future development of creator-focused digital art marketplaces.

Meta Discontinues NFTs on Facebook and Instagram 2023

Matthew Ferrick, the creative lead at Nifty Gateway, voiced an additional criticism directed at the social media giant by stating that Instagram “just figured out (again) it’s more profitable/easy to continue exploiting artists for eyeballs to sell to advertisers instead of helping artists make money on their platform.” This statement was made in response to a previous statement made by Nifty Gateway’s creative director.

In conclusion, he stated that “posting on IG never translated to greater sales on NFT markets anyway.” [citation needed]

In July 2018, Meta made the decision to let a select set of creators from the United States display NFTs on their profiles. The firm began supporting digital collectibles on Facebook, although at first, it was only available in the United States and only to a select group of producers, signaling the beginning of a gradual spread.

Also Read:  The Metaverse Digital Clothing Store has been launched by Meta

The recent decision by Meta (formerly Facebook) to discontinue the sale of NFTs on its platforms, Facebook and Instagram, has caused a stir in the crypto art community. The move comes amid concerns about the environmental impact of NFTs and the potential for fraud and copyright infringement. Meta’s decision may be seen as a step towards addressing these concerns and promoting more sustainable and ethical practices in the crypto art market.

However, some artists and collectors have criticized the move as limiting their ability to monetize their work and reach a wider audience. It remains to be seen how this decision will affect the broader NFT market and whether other social media platforms will follow suit.

Overall, the discontinuation of NFTs on Facebook and Instagram by Meta highlights the ongoing debate around the role of digital art and the challenges and opportunities presented by emerging technologies.