Instagram NFT initiative's swift death mints mourners, mehs
Meta’s decision to test an initiative that allowed artists to sell NFTs on Instagram was widely considered a positive development for the struggling industry. Now that the tech giant has pulled the plug on the project, web3 enthusiasts’ reaction to the sudden move is all over the place. Krugman’s frustration may resonate with many independent artists.
Meta’s new NFT feature allowed him to interact directly with his audience and he could seamlessly sell NFTs on the platform rather than having to redirect potential buyers to third-party marketplaces like OpenSea. Krugman did only one drop on Instagram of 100 NFTs at $50 a piece, which he said sold in under a minute. Meta is moving off of NFTs a little less than five months after launching the initiative that allowed a select few “creators” to showcase and sell “digital collectibles” — NFTs — using Instagram. Stephane Kasriel, Meta’s head of commerce & financial technologies.
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