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.

Community Quotes

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

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Instagram's NFT Plans

Author Bio

Lennster

Certified NFT Bag Holder. Entered into the NFT space in 2021 and hasn't left since. Learning to code and on a mission to get abs in 2023.

Disclaimer: The author or members of the Lucky Trader staff may own NFTs discussed in this post. Furthermore, the information contained on this website or the Lucky Trader mobile application is not intended as, and shall not be understood or construed as financial advice. AI may have assisted in the creation of this content.