What Abandoned NFTs Mean to the Crypto Industry and Broader Implications
Meta, formerly known as Facebook, announced in March 2023 that it would discontinue offering digital collectibles, including NFTs, on its platforms Instagram and Facebook. This decision marks a change in Meta’s approach to NFTs, as they had previously introduced support for digital collectibles on Instagram, allowing creators to sell their NFTs on the platform.
The decision by Meta to no longer pursue NFTs on Facebook and Instagram is significant, as it reflects the evolving dynamics of the NFT market and the challenges faced by major companies in this space. It also has implications for the perception and future of NFTs within the social media landscape.
The impact of Meta’s decision on the NFT industry remains to be seen.
