Meta has announced that it is removing support for NFTs on Instagram and Facebook just over a year after integrating them as part of its pivot towards building metaverse-compatible platforms.
The
change represents a significant shift in Meta's strategy, as they
previously described NFTs as game-changing and integral to their future
development.
- When Meta first
integrated NFTs into their platform in March 2022, the market had
already started to cool but was near an all-time high, and there was
significant interest in the technology. Since then, the trading volumes
and financial support for the NFT market have significantly declined.
- A
significant challenge with NFTs has been marketing them in accessible
ways. Many companies in the space have started using terms like "digital
collectibles" to better communicate the value to consumers.
- Meta
had specifically mentioned the potential for virtual fashion as an
industry they hoped to target by integrating NFTs into their platform.
- Twitter and Reddit have both integrated NFTs into their respective platforms.
