The company said it was looking at “other ways to support creators, individuals and businesses.”
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Facebook and Instagram are “winding down” their support for NFTs, a senior executive revealed.
On Twitter, Stephane Kasriel said the tech giant was looking at “other ways to support creators, individuals and businesses.”
Meta, which owns the two social networks, was the first to enter the Crypto collectibles space and has expanded this feature to 100 countries.
But their efforts have had little effect, with demand for NFTs dampened by a punishing bear market.
This is a huge blow to the industry, which is only starting to gain mainstream acceptance after a violent bull run in 2021.
But many big names have been trying to make an impact with their own NFT marketplaces — Coinbase being one of them.
Even OpenSea, which until recently was the largest marketplace in the world, has suffered from a revolt against commissions and royalties.
Last year, Deutsche Bank made lofty predictions about how Instagram could change the market.
It says — if only 2% of active users accept NFTs — that would result in 44 million users, “significantly higher” than those using OpenSea.
But the already battered Meta seems to be starting to back off due to heavy investment in the Metaverse.
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