Last month, Meta – the parent company of two social platforms Facebook and Instagram decided to stop supporting NFTs and focus on products like Reel or Meta Pay in an effort to increase interactions and generate more revenue.
According to the latest announcement, these two social platforms will officially close the NFT feature from April 11 that means digital items, e-wallets and blockchain data will stop working. Users will no longer be able to create new NFT posts, old posts will still live as posts but without sparkles or blockchain information. If an article with an item is only viewable in the digital items tab of the profile, it will move to the archive.
The two platforms will also disable the connections or link users’ accounts with third-party e-wallets. For on-chain data, Facebook and Instagram will start deleting digital item data, including NFT collections and wallet addresses. If users want to download these information, they need to submit a request by April 11.
Meta began testing NFT integration on Facebook and Instagram in early 2022, following Twitter’s move. By the end of Q3 and the beginning of Q4, Mark Zuckerberg gradually rolled out the feature that allows users to share NFT and set it as a profile picture on Facebook and Instagram, through a partnership with Polygon.
Meta in late 2022 has continuously faced many challenges because of its big bet on the metaverse. According to the financial report 2022, the company lost up to 14 billion USD in the metaverse segment alone, and had to cut 11,000 jobs globally. Meta’s share price also plummeted in early 2022.
Since then, the company has announced more plans to revive itself in the near future, including selling verification badges and developing a decentralized social network – all of which rival Twitter has been doing.