Meta, which established its own NFT marketplace and announced NFT features for Instagram and Facebook last year, has decided to terminate its NFT projects a year later.
With the rise of the Metaverse and blockchains, Meta quickly jumped into these concepts and entered the NFT business. For company, Instagram and Facebook users created its own NFT marketplacehad encouraged NFT production and exchange.
But with the rapid collapse of NFTs, Meta also gave up on the idea. Stephane Kasriel, Meta’s Head of Commerce and Financial Technologies, That Meta scraps NFT projects explained. Thus, Meta’s NFT adventure lasted only one year.
Why did Meta give up on NFTs?
In his post, Stephane Kasriel justifies the idea of trashing NFTs as “to support content creators. focus on other ways” shared. Kasriel also stated that they will continue to invest in financial technology tools in the continuation of their sharing.
Let’s look at the undisclosed side of the verdict: the collapse of NFTs
The NFT sector, which reached its peak in 2020-2021, Monkey drawings sold for millions of dollarswhich sold for hundreds of thousands of dollars and consisted of a ‘drawing’ of a single color, a photograph of a flat stone and many other such ridiculous shopping.
Although NFT’s original idea was to value digital art and ensure that art finds its place in the new internet age, unfortunately the market did not progress like this. created for profit, through agreements with content producers in exchange for profit sharing Unfortunately, the NFT projects he advertised brought the collapse of the market.
The value of NFTs, which were sold for millions of dollars in the past years, has now fallen below a thousand dollars. This greatly damaged the confidence in the NFT sector.
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Source :
https://techcrunch.com/2023/03/13/meta-winds-down-support-for-nfts-on-instagram-and-facebook/