Meta Platforms says goodbye to NFTs into Facebook and Instagram

[Cryptocrit]

https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiS2BAfdbBfZcmpBZPPx9Tbzxw5PPMmTlQAjiir0iomsNSZoYZf-uycM4SPwXM5t0qIeLDI5LXNSi05GdozZDDF8YrXz9P6UXRDcm3MyaCVSbqSV-dJGwkDl1zFXfNt2HoM8JApnx333PKWKWa1-M94fh7_7hLUb89E4dwBBwDXk5icGMj0MBZGj4RkDlLP/w640-h636/Screenshot_16.jpg

In a recent turn of events, Meta Platforms, the parent company of social media giants Facebook and Instagram, has decided to put the brakes on its plans to integrate Non-Fungible Tokens (NFTs) into its platforms. This decision follows a trial phase where selected users were able to share and create NFTs on Facebook and Instagram.

The announcement, made in March 2023, signaled a significant change in Meta's strategy, with a newfound emphasis on prioritizing other avenues to support creators and businesses. But what exactly prompted this shift in direction?

One of the main reasons behind this decision seems to be the dwindling popularity of NFTs, particularly in the wake of a slump in the cryptocurrency market. NFTs, which gained widespread attention for their potential to tokenize digital assets and provide unique ownership rights, have seen a decrease in interest and investment in recent times. This decline likely played a pivotal role in Meta's reassessment of its NFT integration plans.

However, it's essential to note that while Meta is stepping back from its NFT ambitions for now, it remains committed to exploring innovative financial technologies. This suggests that while NFTs may not be a primary focus at the moment, Meta is still keen on exploring new opportunities in the digital finance space.

Read full article...
https://www.cryptocrit.xyz/2024/03/meta-platforms-shift-focus-from-nft.html

[btc78]

I think it also has a lot to do with facebook and instragram’s users. These two social media apps are mainly used to share photos and videos of self, families or just life in general hence most people who use facebook or instagram are not interested in NFTs. I don’t know if it’s just in my country but facebook is outdated and only the elderly use facebook while instagram is still mainly used by the younger generation, a lot use it for aesthetic purposes.

[yazher]

Obviously, it will turn like that because the hype is finally over and no one in their right mind will still pursue such kinds of platforms where they cannot earn from it rather they put others to harm and lose their money to invest in such products which we all know that wouldn't really happen since the people are not interested in it anymore due to its lack of buyers and huge numbers of NFTs creator which makes it non-unique anymore. Also, other expensive NFTs back then were not that popular anymore and with that, their price were not attractive and became cheap at least for most of them.

[God bless u]

Actually these big giants don't want these platforms to get that much popular because it'll kill the main idea of the platforms like Instagram and Facebook to some extent. If people will Indulge into digital arts more then they'll loose Interet into the real world and this is nowhere beneficial for these platforms. Their revenue is very much based  on the sharing feature and the ads go on the videos and photos and they get revenue .

Now the point here to notice is is they allow NFT to be integrated to more than an extent then people will create less organic content and the ads relevancy will decrease on the platforms. The revenue will be affected in a much more way than a normal human being can think off.

[Agbe]

I don't on w how all those social media platforms even arranged with it because I didn't see any important thing it is doing in those platforms. I can see it in even Whatsapp too so it is even better for it to leave them and work for a good business platforms to be more active there to makes money instead of idle at the bottom in those platforms. Working in the NFT is the best because it is coming close to cryptocurrency in instead of social media platforms have nothing to offer.

[Volimack]

Actually there are many users on social media and everyone feels comfortable using it. The communication system has come a long way don't say goodbye to NFT in this game called NFT the real issue is authenticity or the authenticity of an asset. Digital collection tables contain certain information that differentiates the NFT from other NFTs and is also easy to verify. Social media is a form of entertainment.

[terrific]

It's too late when Meta(Facebook) turned into this NFT game on the last bull run. They didn't anticipate that this could just waste their resources.
I think there were attempts to get on it for so many times but it seems that this thing isn't just for them. I've remembered seeing Zuck posting about NFTs once but his interest didn't nourished.

[AakZaki]

I think it also has a lot to do with facebook and instragram’s users. These two social media apps are mainly used to share photos and videos of self, families or just life in general hence most people who use facebook or instagram are not interested in NFTs. I don’t know if it’s just in my country but facebook is outdated and only the elderly use facebook while instagram is still mainly used by the younger generation, a lot use it for aesthetic purposes.

Outdated? you're right about that. In fact, I rarely use Facebook and am more active on Twitter. After Facebook went down yesterday, Elon Musk mocked that Facebook was no better than Twitter. The decision to quit NFTs is not important news, besides what are the benefits of NFTs on Facebook, there is nothing profitable. Even the NFT market is not affected by Facebook.

[JeffBrad12]

well they are tanking anyway, their metaverse is just a big failed mess, they failed to create hypes and too focused on building ecosystem that no one uses.
there are many things that meta is doing wrong here, getting into metaverse gaming scene when quite literally everyone is panicking over their tanking NFT back in the days where the market suddenly turn into bearish.
also the fact that virtual reality in itself, that has been their focus, has always been so niche, they could be investing in more devices that support integration between VR, AR and traditional devices for the sake of having wide coverage of customers but they just focused on getting their VR device slimmer and slimmer which gonna expend their budget allocation into something that most people don't really buy.
they could be striving with NFT had they tried to invest into many NFT game back in the days as a seed investors but I guess they don't for a reason and im not expert at this either.
so far, meta has been picking the worst direction there is for their company now only thing left for them probably their whatsapp and their instagram where they make money, even thread is tanking big time.

[oktana]

For now? They are done with it forever. I generally think that the era of NFTs is gone. Projects that were based on NFTs are probably lacking attention because little to no one is looking in their direction. Today it’s AI, and AI will not diminish in strength because that’s real technology. Tomorrow it’s going to be something else, it could be real technology too or maybe just like NFTs, but even if NFTs were unique, they weren’t displaying so much about the power of technology but art. Wasn’t for long and it turned into spam.