[ad_1]
Subscribe to our newsletter!
Additional Editing and Reporting by Nathaniel Cajuday
- After supporting NFT integration into social media platforms Facebook and Instagram, their parent company, Meta, will discontinue its efforts with NFTs, an executive said.
- According to Stephane Kasriel, Meta’s head of financial trading and technology, Meta will instead focus on creating opportunities for content creators and online businesses looking to earn income through their community and audience.
- This announcement received different reactions from the public. Others say that the Meta move has a negative impact on the NFT industry as it will reduce exposure and slow NFT adoption by mainstream social media users. While others say that the move is beneficial for NFT creators to prepare better products and services.
Several months after allowing the integration of non-fungible tokens (NFT) to its social media platforms Facebook and Instagram, Meta Platforms, Inc. will “finish off” its endeavors with NFTs, according to Stephane Kasriel, head of trading and financial technology Meta.
“Across the company, we are looking at what we prioritize to increase our focus. We are discontinuing digital collections (NFT) for now to focus on other ways to support content creators, people and businesses.” he shared in a Twitter thread on March 14, 2023.
Following the news, Kasriel conveyed the company’s gratitude to its partners, “who joined us on this journey and who are doing a great job in a dynamic space. Proud of the relationship we built. And look forward to supporting the many NFT creators who continue to use Instagram and Facebook to power their work.”
He then assured that Meta would continue to prioritize and create opportunities for content creators and online businesses who wish to earn income through their communities, emphasizing that Meta’s current goal is to make an impact in the industry.
“We will continue to invest in the fintech tools that people and businesses will need in the future. We’re streamlining payments with Meta Pay, making checkout and checkout easier, and investing in messaging payments on Meta,” he concluded.
This announcement received a mixed reaction from the NFT community.
According to Wale Swoosh, a researcher at the NFT project, Azuki, deprecated Meta to support NFT “is proof that NFTs on Instagram and Facebook have failed to date. If the tool is really successful and popular, it will hardly be discontinued.”
Meanwhile JQCrypto, creator of web3 Pinoy and founder of the Crypto Pinas community, acknowledged that the Meta move would reduce exposure and slow NFT adoption among mainstream social media users.
However, NFT content writer Hunter Solaire stated that he is optimistic about the Meta move as it will give BUIDLers more time in the space to create better product services, gain more experience, and improve security measures.
Facebook and Instagram aren’t the only social media giants to adopt NFTs on their platforms either.
Twitter, home to the majority of the web3 community, now allows NFTs as profile pictures. Twitter is owned by billionaire Elon Musk, who is also called the DOGE Father for being bullish on Dogecoin. At the start of the year, Musk pushed to turn the social media giant into a payments platform — initially, it would use fiat currency, then eventually add cryptocurrency functionality.
Meanwhile, Pali Bhat, Reddit’s Chief Product Officer, revealed last October that more than three million users of the social media site have used Reddit’s Vault blockchain wallet to create crypto wallets, of which 2.5 million were created to purchase Reddit NFT avatars. That leaves Reddit with a more active wallet than NFT market giant OpenSea.
Meta Timeline Enters the Metaverse
- January 2018: Facebook started rejecting ads related to cryptocurrencies, initial coin offerings and binary options.
- April 2018: Facebook announced that it has formed its own blockchain unit, hiring cryptocurrency and blockchain professionals. (Facebook is on a Head Hunt for Crypto and Blockchain Pro)
- June 2018: Facebook relaxes January 2018 decision. (Facebook Eases Cryptocurrency Advertising Ban)
- June 2019: Facebook launched the Libra cryptocurrency, the native coin of the Calibra wallet, a subsidiary of Facebook, which claims to provide financial services on the Libra network. Meanwhile, the Libra Association is a non-profit consortium that will ultimately govern the Libra Network. (Facebook-Led Cryptocurrency and Libra Consortium Wants To Serve Those Without Banking Services)
- July 2019: Members of the US Congress asked Facebook to stop developing the Libra Project until regulators properly investigate whether the initiative will or will not pose a risk to the global financial system. (US Member of Parliament Sends Letter Asking Facebook to Stop Libra Development)
- July 2019: Facebook head of blockchain David Marcus wrote a lengthy post about the upcoming Libra project and the Calibra wallet, addressing concerns about privacy, security and trust in the financial project “led” by the social network’s largest. (Facebook Blockchain Head David Marcus Answers Public Concerns About Libra)
- August 2019: In its bid to strengthen Libra’s security features, Facebook launched a bug bounty program that will pay security researchers up to $10,000 in return. ($10,000 Max Reward for Facebook Libra Bug Bounty)
- October 2019: Visa and Mastercard are leaving the Association, but the Association says it will continue to function, even without approval from regulators. (Libra Association Remains Determined Despite Lost Visa, Mastercard, PayPal) (Facebook Reaffirms Libra Will Launch Without Regulatory Approval)
- April 2020: The Libra Association is pulling out of creating a global digital currency after a huge backlash from regulators around the world, planning instead to offer a single-currency stablecoin in addition to a multi-currency coin. (Facebook Libra Plans to Develop Stablecoins Tied to Various Fiat)
- August 2021: The head of Facebook’s crypto unit, David Marcus, revealed that the corporate leaders behind the project are truly committed to launching a digital wallet, which will be called “Novi.” (Facebook Crypto Wallet? Social Media Giant Plans To Launch A Digital Wallet This Year)
- October 2021: Founder and CEO Mark Zuckerberg confirmed that Facebook has changed its company name to Meta. Apart from the name change, social media platforms Facebook, Instagram, WhatsApp and Oculus will be under the Meta umbrella. Meta’s main focus is to “bring the metaverse to life and help people connect, find community, and grow businesses.” (Facebook Changes Its Name To Meta, Will Support NFT)
- December 2021: Novi Philippines Inc. obtained a Virtual Asset Service Provider (VASP) license from Banko Sentral ng Pilipinas (BSP). (PayMaya and Facebook Novi Philippines Receive Virtual Currency Exchange License from BSP)
- February 2022: The intellectual property and other assets of the Meta-backed Diem Payment Network, formerly Libra, have been formally sold to Silvergate Capital Corporation. This makes Libra shut down without even launching. (Facebook DIEM Formerly Known as Libra Shut Down Never Launched)
- May 2022: Instagram confirmed they will soon be allowing the display of NFTs in their app, while “similar functionality” is coming to Facebook soon. (Instagram Tests NFT This Week; Facebook To Get Started)
- June 2022: Facebook announced its first steps in launching its digital wallet “for the metaverse” by converting Facebook Pay to Meta Pay. (Facebook to Launch Meta Pay, Metaverse Wallet)
- June 2022: Zuckerberg revealed that Facebook users will now be able to display their valuable NFTs on the platform. The initiative is part of the company’s plan to help the makers of their social media apps, Facebook and Instagram, make more money on the platforms. (Mark Zuckerberg Announces NFT Integration on Facebook)
- July 2022: Facebook has officially started testing the integration of Polygon and Ethereum-based NFTs on its platform. (Meta Launches NFT View on Facebook)
- August 2022: Zuckerberg announced that the company has begun an international expansion of NFT support on Instagram. (Meta Expands NFT Support on Instagram to 100 Countries)
- August 2022: Meta’s second quarter report showed their metaverse special division losing $2.8 billion. This brings the division’s loss to $5.77 billion for the first 8 months of 2022. (Q2 Meta Report: Metaverse Division Loses $2.8 Billion)
- August 2022: Meta announced that 2.9 billion Facebook and Instagram users are now allowed to post NFTs and other digital collections to their accounts by linking their wallets, including Rainbow, MetaMask, Trust Wallet, Coinbase Wallet, and Dapper Wallet. (Now You Can Post Your NFT on Facebook and Instagram)
- September 2022: Novi lost her VASP license. (Novi Is No Longer on the BSP List of VASP Licensee)
- March 2023: Meta will be “ending” its efforts with NFTs, according to Stephane Kasriel, Meta’s head of trading and financial technology. (this news)
This article was published on BitPinas: END OF TIME: Meta Ends Support for NFT on Facebook, Instagram
Disclaimer: BitPina articles and their external content are not financial advice. The team serves to deliver independent and impartial news to inform crypto Philippines and beyond.
[ad_2]
Source link
