Key Points:
Facebook and Instagram are ending support for NFTs on April 11, 2023.
Digital items on Instagram will no longer function, and users cannot create new posts or access their old ones.
Facebook and Instagram will delete digital item data, including wallet addresses, from their systems and no longer link users’ accounts to third-party e-wallets.
Facebook and Instagram have announced that they will stop supporting NFT on April 11, 2023. This means that digital items on Instagram will stop working, including articles with digital items.
Users will no longer be able to create new digital item posts, and any items they’ve shared will live as posts but without sparkles or blockchain information. Users can continue to delete these posts at any time. If an article with an item is only viewable in the digital items tab of the profile, it will move to the archive.
Additionally, Facebook and Instagram will no longer maintain a connection or link users’ accounts with third-party e-wallets. Users can no longer view their digital items in the related tab or manage their third-party e-wallet connection settings.
Besides, users will no longer be able to access or download item-related information after April 11, 2023. If users would like to download their information, they must submit a request by that date. Facebook and Instagram will begin deleting digital item data, including wallet addresses, from their systems. They will store and delete data in accordance with their Digital Items Privacy Policy and Terms of Use.
This is a significant development for users of digital items on Instagram, as they can no longer access or manage their items after the April 11, 2023, deadline. Users who have invested time and money into creating and collecting digital items on the platform will need to make alternative arrangements. It remains to be seen how this will affect the broader NFT ecosystem, especially as more social media platforms embrace digital collectibles.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
