According to Meta’s director of commerce and fintech, the feature will be removed “temporarily”.
For Crypto artists, Meta’s decision was a “short-sighted move.”
The sharing of non-fungible tokens (NFTs) on Facebook and Instagram has been “temporarily” disabled, Meta’s head of business and fintech, Stephane Kasriel, said on Monday.
The company executive said via Twitter that the feature was split in response to an intention to “focus on other ways to support creators, users, and companies.” “We’re taking a hard look at our priorities to increase our focus,” he suggested.
Kasriel said what they learned from NFTs will be applied to new products through which they hope to reach creators of collectible tokens who continue to use Instagram and Facebook to “extend their work.”
“Creating opportunities for creators and businesses to connect with and monetize their fans remains a top priority,” Castriel said, adding that they would invest in “fintech tools that people and businesses will need in the future.”
The time to bring NFTs to Facebook and Instagram was short. This is a pilot project starting in August 2021. Creators from 100 countries have been able to showcase their NFTs on these social networks, CriptoNoticias reported.
According to Statista, the full extent of this pilot test is unclear, but it must be taken into account that only Instagram has more than 250 million users in Latin America, with Brazil and Mexico being the countries with the largest number of users of the social network..com.
Some product news: Across the company, we’re keeping a close eye on our priorities to increase our focus. We are now phasing out Crypto collectibles (NFTs) to focus on other ways to support creators, individuals, and businesses. 🧵[1/5]
– Stephane Kasriel (@skasriel) March 13, 2023
Community expresses displeasure over NFT departures on Facebook and Instagram
The Crypto artist and creator community reacted to the removal of the NFT sharing feature on Facebook and Instagram. Cryptocurrency artist Dave Krugman (@dave_krugman) said on Twitter that it was a “short-sighted move.”
“The inclusion of NFTs has great potential to help creators engage with their communities and combat the pitfalls of an attention-based advertising economy,” Krugman critiqued. A lot of really smart work by great people out there.”
Likewise, artist @hawkward criticized that there was no effort on the part of Meta to inform the community of the importance of NFTs to “disrupt the current financial and creative systems.”
Another Crypto artist, @NFT_MC_MA, noted on Twitter that the feature’s dismantling is a “huge loss,” as artists working on NFTs “are effectively ‘creators and people,’ and their projects are ‘businesses.'” Above , following the narration by Stephen Kasriel.
“Web3, NFT, and blockchain technologies can only positively impact platforms if they are built correctly and carefully,” he concluded.
Source of information: Compiled from CRIPTONOTICIAS by 0x Information.The copyright belongs to the author Jesús Herrera, and may not be reproduced without permission