Jamie McNeill
In 2022, Facebook and Instagram announced that they would be jumping into the NFT industry, and formed a series of partnerships with the likes of Polygon in order to facilitate this development.
However, since then the companies have experienced significant turmoil, and the Big Tech sector as a whole has declined dramatically.
The companies have had to tighten their belts, and a series of layoffs have meant that they are no longer pursuing many of the business avenues that they were interested in at the top of the market.
Instagram introduced NFTs in May of 2022
The hype of the 2021 bull market was such that many large companies began to adopt NFTs, and to varying degrees of success.
The promise of the likes of Instagram, which is the largest image-sharing site in the world, integrating NFTs was hailed by many as a dramatic success.
Nevertheless, the timing of the market was rather unfortunate, since from this point the bear market would only continue to worsen.
NFTs weren’t popular on the platform and will not continue
Meta’s commerce and FinTech lead, Stephane Kasriel, has stated that the company will no longer be pursuing their ventures in to the NFT space for a variety of reasons, not least of which the fact that the NFTs themselves weren’t widely popular on the platform, the NFT market has now declined significantly, and Meta’s layoffs mean that they no longer have the resources to speculate on the venture.
“We’re winding down digital collectibles (NFTs) for now to focus on other ways to support creators, people, and businesses.”
Meta removes NFT feature from Instagram and Facebook:
Are NFTs dead?
(1/12) pic.twitter.com/KBbjsrI35Q
— wale.swoosh (@waleswoosh) March 14, 2023
Meta has now confirmed that there will be an additional 10,000 staff laid off, and 5,000 job postings will be removed thanks to the state of the markets.
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This article was written for Business 2 Community by Jamie McNeill.
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