According to official news, Instagram issued an announcement in its help center: "We have announced that we will gradually end support for digital collectibles. These changes will take effect on April 11, 2023. The content of users' third-party e-wallets will not be affected." At that time, users will no longer be able to create new digital collectibles posts on Instagram; all collectibles shared by users will still be retained in the form of posts, but will not contain any flash effects and blockchain information, and users can still delete these posts at any time; collectibles posts that are only visible in the "Digital Collectibles" tab on the user's homepage will be moved to the user's private folder.

In addition, Instagram will no longer bind to users' third-party e-wallets or associate users' accounts with third-party e-wallets, and users will no longer be able to view their digital collections in the associated tab or manage third-party e-wallet binding settings. Users will no longer be able to access or download personal information related to collections. If you want to download your personal information, please submit a request before April 11, 2023. Instagram will begin deleting digital collectibles data in the system, including users' wallet addresses. The storage and deletion of data will comply with its privacy policy and digital collectibles terms of use.

On March 14, Stephane Kasriel, head of Meta's business and financial services, tweeted that Meta is now gradually reducing its NFT business investment to focus on other ways to support creators, individuals, and businesses. In addition, he said that Meta will continue to support "the many NFT creators who continue to use Instagram and Facebook to work better."