BREAKING: In Huge Blow for NFTs, Facebook and Instagram Step Back
NFTs

BREAKING: In Huge Blow for NFTs, Facebook and Instagram Step Back

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The company says it's looking for "other ways to support creators, people and businesses."

BREAKING: In Huge Blow for NFTs, Facebook and Instagram Step Back

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A senior executive has revealed that Facebook and Instagram are "winding down" support for NFTs.

On Twitter, Stephane Kasriel said that the tech giant is looking for "other ways to support creators, people and businesses."

Meta — which owns both social networks — had jumped head first into digital collectibles, rolling out this functionality to 100 countries.

But their efforts have made little impact, with demand for NFTs dampened by a punishing bear market.

This is a huge blow for the sector, which had started to gain mainstream recognition after a dramatic bull market in 2021.

But a number of big names have struggled to make an impact with their own NFT marketplaces — Coinbase among them.

Even OpenSea, which until recently was the world's biggest marketplace, has been suffering amid a revolt over commission fees and royalties.

Last year, Deutsche Bank had made lofty predictions about how Instagram could transform the market.

It said that — if just 2% of their active users embraced NFTs — that would result in 44 million users, "significantly higher" than those who use OpenSea.

But it seems Meta, which has already taken a huge battering because of its heavy investment in the metaverse, is getting cold feet.

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