Instagram and Facebook will no longer accept NFTs

Shortly after a year after the announcement of Meta enter the market of NFT (non-fungible tokens), the company has confirmed that it will remove this content from instagram there Facebooknetworks in which there was already participation of this technology in some countries.

Stephane Kasriel, the company’s Head of Commerce and FinTech, was tasked with making the announcement, assuring the decision is made “to focus on other ways to support creators, people and businesses. “, he said via his Twitter account.

However, the official said that he will continue to support the creators of NFT in these two social networks “to amplify his work”, but did not specify how.

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In May 2022, Mark Zuckerberg, confirmed that “digital collectibles” would be coming to both of these platforms, which came true immediately. Initially, it started in instagramwith the possibility of showing the NFT and sell them directly from the platform.

The same thing happened a month later Facebookalthough with some limitations, since in both apps it was only possible to transact in 100 selected countries.

This year of work has served as a learning experience for the company, according to Kasriel, something “that we can apply to the products we continue to build to support creators, people and businesses in our apps, both today and in the metaverse.”

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For this, the company will bet on other formats of monetization and interaction between creators and users, such as messaging and Reels. In addition, they will continue to “invest” in their own electronic payment tool, called Meta Pay, with which they seek to facilitate “shopping and payments, and invest in Meta messaging payments”.

The bone NFT, unique tradable items, saw strong growth in mid-2021, reaching a record sales volume of $1.805 million, according to a Dune report. But in 2022, there was a decrease of 95% reaching a peak volume of 84 million for November last year and at the beginning of 2023, they saw an increase reaching 189 million.

This instability has been generated by the global economic situation, which has caused the stock markets to fall, while technological interest is growing in other sectors such as artificial intelligence.

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One project the company wants to focus on is creating a new social network. The company has confirmed that it is working on an application for the generation of textual content, something similar to how it works Twitteralthough under the concept of decentralized protocol in which there are multiple communication servers for the user to choose from.

This new platform would be similar in format to Mastodon, but would operate under the Instagram brand and users would enter with that network’s credentials.

This information was disclosed Money controlwho had access to internal reports and later the company confirmed the project, whose stage of development it is not known.

“We are exploring an independent decentralized social network to share text updates. We believe there is an opportunity for a separate space where creators and public figures can share timely updates on their interests,” a spokesperson told the outlet.

Under this idea would be born P92codename they put to the project in Metathat for the moment we do not know if it is in the idea phase or if it is already working on its programming.