Meta shutting down NFT support on Instagram and Facebook
Meta is going to stop it’s non-fungible token (NFT) support for Instagram and Facebook. Earlier, Meta allowed selling NFTs directly on Instagram and Facebook.
Although Meta said that he has studied this technology for a long time, he has decided to stop it because it is not very effective.
Meta said that it will not take commission on the money coming from NFT till 2024. A year ago, the attraction towards NFTs was very much increasing.
But now, as this attraction is diminishing, Meta will also remove the support. Meta has also committed to use the things learned during the launch of NFT in other products.
An NFT is a cryptographic token recorded on the blockchain. It does not mean that users buy the artwork itself, but only that users buy tokens that represent certain content. NFT is a new digital certificate, which provides proof of who owns a photo, video and digital asset.
It cannot be duplicated or swapped. No matter if the content is lost, damaged or deleted, any NFT will remain secure on the blockchain.
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