End of Rise: Meta Ends its NFT Features
Meta, which has previously gained attention for its work on blockchain and Web 3.0, has even changed its name due to these studies. It was also eagerly anticipated what Meta would do after these major moves. Since Meta had made huge investments in blockchain infrastructures, it had become one of the sector’s pioneers.
In this context, Meta started allowing Instagram and Facebook users to display their Non-fungible Tokens (NFT) on the platform in May 2022. Meta, which provides this feature to its users in over a hundred countries, stated that it will allow users to produce and sell NFTs on their platforms in a short time. However, the recent downturn in the cryptocurrency and NFT markets has negatively impacted Meta’s plans.
It was expected by the public that Meta, which announced that it would shrink in the past days and also laid off thousands of employees, would shelve some of its projects. In this context, Meta announced that it will curtail its NFT support on Facebook and Instagram after a significant decrease in interest in the crypto money and NFT sectors and a decrease in market volume. The interest in NFTs with the rapid increase in prices last year has been dwindling particularly in the last few months. Many companies have reduced their investments in blockchain and NFT in this direction. It can be stated that whether NFTs, whose value and popularity has decreased, will revert to their previous levels in the future. However, it is known that many of the companies that had previously invested in this field have suspended their initiatives for now and will act in accordance with the sector’s situation.
Successful