Breaking News: Huge NFT hit, Facebook and Instagram back

The company said it was looking at “other ways to support creators, individuals and businesses.”

Listen to the CoinMarketRecap podcast on Apple Podcasts, Spotify and Google Podcasts

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.

Information source: compiled by 0x information from COINMARKETCAP.Copyright belongs to the author, without permission, may not be reproduced

Related Posts

How do changes in UK inflation affect the Bitcoin market?

Although macroeconomic analysts around the world are concerned about the significant decline in UK inflation, these trends have a positive impact on the cryptocurrency market. In particular, this shows that Bitcoin (BTC) is further consolidating its market position. Bitcoin’s remarkable stability The…
Read More