Instagram Pauses NFT Plans
Instagram is pulling back on digital collectibles and NFTs in order to focus on other monetization products and opportunities for creators on the platform according to a tweet from its head of Commerce & Fintech.
❗Why It Matters
Four months ago Instagram was diving deep into NFTs by teaming up with creators to bring exclusive drops to the platform like Vinnie Hager and DrifterShoots. By all accounts, these drops were smashing successes, selling out the limited collections in mere seconds after launch. Despite that success and the buzz that Instagram's involvement brought to web3, the company is moving on. While the impact will not be felt at a daily level or in floor price of existing collections, losing Instagram's presence is a blow to the pace of adoption.
While some were questioning if Meta just didn't want to be associated with crypto, others just thought...:
Meta has it hard enough being associated with Meta@PRguitarman