Why Meta Is Calling It Quits On Support For NFT In Both Facebook, Instagram

Meta, formerly known as Facebook, has announced its decision to end support for the sale of NFTs on both Facebook and Instagram. This move comes after considerable concerns were raised regarding the environmental impact of NFTs, and the potential for them to be involved in fraudulent activities. The decision will be effective immediately, and Meta has urged users to avoid buying or selling NFTs on its platforms. While this may come as a setback for those involved in the NFT market, Meta’s decision reflects the company’s commitment to sustainability and ensuring a safe and secure online experience for its users.

Meta, the parent company of social media giants Facebook and Instagram, has announced that it will discontinue the integration of non-fungible tokens (NFTs) on its platforms. Stephane Kasriel, head of commerce and financial services at Meta, revealed on Twitter that the shutdown will enable the company to focus on other strategies to motivate and support creators and businesses. Meta’s brief NFT initiative began testing with select Instagram and Facebook users in May and June last year. The surge in popularity of NFTs has been attributed to the rise of blockchain technology and the increasing interest in owning unique digital assets. Despite discontinuing NFT support, Meta will still collaborate with NFT and Web3 content creators. The cost-cutting measures come following the loss of $13.7 billion by Meta’s augmented and virtual reality branch, Reality Labs, and several waves of layoffs. Recent data shows a significant decrease in NFT sales since their peak earlier this year due to several factors including concerns around the environment. Nonetheless, some enthusiasts remain optimistic about NFTs playing a significant part in the future of digital art and collectibles.

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