Instagram, one of the world’s most popular social media platforms, is rumored to be discontinuing support for non-fungible tokens (NFTs) in the near future. This decision could have far-reaching implications for artists, creators, and collectors alike, as Instagram has been a key player in the NFT market since its inception. With speculation mounting about the reasoning behind this move, many are left wondering whether this is a temporary setback or the end of an era for NFTs on Instagram. As the digital art and collectibles space continues to grow, it remains to be seen what impact this decision will have on the industry as a whole.
Instagram made an announcement about discontinuing its digital collectibles or NFTs operations. The FinTech and Commerce Lead, Stephane Kasriel, shared the news on Twitter. Stephane mentioned that the social media giant is disabling its features that support NFTs to improve the company’s focus and work on new ways for creators, businesses, and people. However, no explanation was provided for this decision.
Despite Meta launching NFT features on Instagram and Facebook in May 2022, the company only made them available to creators in August 2022. Users could initially display their collected NFTs on the platform, and later, some creators were allowed to sell their NFTs. This move attracted new creators to use the platform, but the recent decision to shut down the operation has faced criticism from several creators who called it short-sighted.
Connie Ansaldi, the Founder and CEO of Carnaval Art, criticized the move, calling it fear-based. She pointed out that if the internet was abolished in the 2000s, there would be no Meta or Google today. Some other notable artists also shared their opinions on the matter. No specific timeline has been announced for the discontinuation of the features, and Meta officials did not respond to any interviews. It remains to be seen how this decision will impact the company.