Meta Suspends NFT Integration Program On Instagram
After 10 months of integrating, Meta has suspended NFT integration on Instagram.
Meta announces suspension of Instagram initiative which focuses on sharing digital collections on the platform. During a Southwest conference held last year in Austin, Mark Zuckerburg announced that NFTs would be introduced on the picture and video sharing application. At first, only a few creators were given access to the feature.
Barely after a year of this announcement, Meta Commerce and Fintech lead Stephane Kasriel has announced a change of plans on Twitter. He began by appreciating various partners who helped NFTs on Instagram, stating that Meta values the relationship built. The platform also looks forward to supporting many NFT creators who continue using Instagram and Facebook to amplify their work.
“We learned a ton that we’ll be able to apply to products we’re continuing to build to support creators, people, and businesses on our apps, both today and in the metaverse…creating opportunities for creators and businesses to connect with their fans and monetize remains a priority, and we're going to focus on areas where we can make impact at scale….” He tweeted.
Kasriel noted that the team is focusing on other ways to support creators, people, and businesses. He stated: “And we’ll continue investing in fintech tools that people and businesses will need for the future. We’re streamlining payments w/ Meta Pay, making checkout & payouts easier, and investing in messaging payments across Meta”
Instagram NFT Integration: Accomplishments
Within the space of one year, Meta has developed an interconnected network across Ethereum, Polygon and Flow blockchain. This allows for cross-posting of NFT on Facebook and Instagram. In November 2022, Meta integrated Arweave, a decentralized storage platform. Despite all these, the stock price of Meta has continued to depleted significantly.