Instagram recently announced that the platform is closing down its NFTs (digital collectibles) operations. The news was shared on Twitter by its FinTech and Commerce lead, Stephane Kasriel.
The tweet read that the social media giant is disabling its features that support NFTs. Stephane stated that everyone is closely working to increase the company’s focus. Digital collectibles operations are being shut down to work on new ways for creators, businesses, and people.
Stephane did not provide any other justification or reasoning behind the decision. The FinTech head stated that creating financial opportunities for creators remains to be their primary priority.
No news regarding the time of the features’ closing has been released yet. The Meta representatives did not respond to any interviews either. Naturally, the news shocked and angered many creators, given the company had rolled out the new features only months ago.
Meta has started testing new NFT features for Instagram and Facebook in May 2022. However, the features were only made available to creators in August 2022. Instagram initiated its NFT footprints across 100 nations where the features were released.
At the time, users could only display their collected NFTs on the platform. A couple of months later, Instagram allowed some creators to sell their NFTs. As expected, the move enticed new creators to use the platform, as it promised a future outlook.
However, the recent move was criticized by many creators who called it short-sighted. Connie Ansaldi, the Founder and CEO of Carnaval Art, stated that Meta is letting its fear guide the company. What if the internet was abolished in the 2000s? There would be no Meta or Google now.
Other well-known artists have also voiced their opinion on the matter. While Meta seems to be in no mood to change its plans, it remains to be seen how the recent development would impact the company.