Instagram (Meta) silently says goodbye to NFTs

An NFT project stopped too soon? – The NFT romance is over. Definitely, Meta try and fail. Mark Zuckerberg’s firm now seems, in turn, overtaken by technology. Has Web 2 become old and has-been? After a more or less missed jump in the metaverse, here is the company also making a U-turn on NFTs.

It was last May. Launched with great fanfare in the wake of its Metaversian foray, Mark Zuckerberg’s company announced the arrival of NFTs on the social network instagram. A crazy crypto epic at the heart of a web 2 that tries somehow to get up to speed. Multiplying partnerships with ecosystem players, the NFT momentum seemed well underway. But the romance now ends up turning sour.

It is Stephane Kasrielthe commercial and fintech manager at Meta, who has announcement the terrible news on Twitter this March 13:

“Some news about our products: Within the company, we are looking closely at the priorities to focus our attention on. We are ending our activities on the digital collections sector (NFT) for now in order to focus on other ways to support creators, users and businesses. »

Meta and Instagram are stopping NFT charges, now they're moving on.
Meta sales manager announces the end of NFT activities on Instagram – Source: Twitter

Stephane Kasriel takes the time to thank all partners who accompanied the Meta teams in this NFT project. Nonetheless, he adds that the company would continue to support creators who choose to remain on the platform. But obviously, Meta has other priorities.

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At Instagram, we are more financial than artists after all

“Let’s be clear: create opportunities for creators and businesses to connect with their fans and monetize [leur travail] remains a priority, and we will focus on areas where we can have a large-scale impact, such as messaging and Reel monetization opportunities [des vidéos courtes sur Instagram]. »

Declaration of Meta

Let’s be clear ! Back to basics for Meta and Instagram. Profits first, digital “delusions” later. A fatalistic approach which seems to stick to the skin of Meta in 2023, after having suffered a monetary rout in 2022. It is precisely about more than $14 billion in losses over the last quarter.

Meta therefore urges artists to take their clicks and slaps and change platforms. An approach that seems very surprising, only 10 months after the launch of NFT on Instagram, last May. Rome wasn’t built in a day, but Meta seems to want to go faster than the music. The former flagship of social networks seems lost in the middle of this technological whirlwind, wanting to tackle everything without completing anything.

“We will continue to invest in the fintech tools that individuals and businesses will need in the future. We’re streamlining and simplifying payments with Meta Pay and investing in messaging payments on Meta. »

Declaration of Meta

At a time when technology is racing, mark zuckerberg and his company seem to try to surf the slightest trend, moving from metaverse to artificial intelligence, from NFTs to payments, without letting the projects mature. The company has also announced that it is now working on a Decentralized Instagram. A badly concealed lure in a world of applications under the total control of the web giants 2. And it’s not enough for one or two well-placed words – “NFT” Or “decentralized” – to become, in no time at all, masters of these same technologies, as we are seeing today.

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