Instagram recently announced that it will be ending support for digital collectibles, commonly known as non-fungible tokens (NFTs). This comes as a surprise to many, given that the platform had only recently rolled out NFT features in the past few months. Stephane Kasriel, Commerce and FinTech Lead at Meta, shared the news in a Twitter thread where he explained that the company is looking to prioritize other features on the platform. He did not provide further details on the rationale behind the decision.
Some product news: across the company, we’re looking closely at what we prioritize to increase our focus. We’re winding down digital collectibles (NFTs) for now to focus on other ways to support creators, people, and businesses.
Kasriel stated that the company remains committed to supporting creators, people, and businesses by creating financial opportunities for them, but it appears that NFTs no longer fit into their current priorities. Instagram did not release any information about the timeline for disabling NFT features, leaving the NFT community in the dark about when they will no longer be able to use the platform for NFT-related activities.
The NFT features on Instagram were initially launched in August of 2022, but they only allowed users to display NFTs they created or collected. The platform’s core functionalities, such as the ability to create, buy, and sell NFTs, had not yet been added. This changed in November of 2022 when Instagram allowed a select group of creators to start selling NFTs on the platform. However, just four months later, the company has announced that it will be ending support for NFTs entirely.
This decision has sparked mixed reactions among the NFT community, with some expressing disappointment and others suggesting that the move could be an opportunity for the development of new NFT marketplaces. Regardless, the sudden decision to discontinue NFT support on one of the world’s largest social media platforms raises questions about the future of NFTs and their role in the broader digital economy.
https://twitter.com/skasriel/status/1635386565487898624
It is unclear whether this decision was driven by Facebook CEO Mark Zuckerberg’s priorities or whether there were other factors involved. Nevertheless, Instagram’s decision to end support for NFTs may have a significant impact on the NFT market and how creators monetize their work on social media platforms. It remains to be seen what the future holds for NFTs on Instagram and other social media platforms, but it is clear that the decision will have a profound impact on the NFT community and the broader digital economy.